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U.S. House of Representatives

Glass-Steagall: The Debate Term You Should Probably Know

Glass-Steagall made an appearance at the Democratic debate. Here's what you should know about the Depression-era banking law.

By Elizabeth Hagedorn | October 13, 2015

During the Democratic debate, these two names came up a lot. 

Glass and Steagall are the authors of the Glass-Steagall Act, a law passed in 1933 that prohibited financial institutions from conducting regular commercial banking alongside riskier investments. 

In 1999, President Bill Clinton repealed it — which some critics say contributed to the 2008 financial collapse. 

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Both Sanders and O’Malley have vowed to reinstate Glass-Steagall. Clinton’s Wall Street proposals stop short of that. 

This video includes images from Getty Images, the U.S. House of Representatives and the Federal Reserve

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