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Posted On: 10/14/2019 10:58:29 PM
Post# of 127601
Great Recession,Deregulation of banking
See also: Subprime mortgage crisis
Clinton signed the Financial Services Modernization Act or GLBA in 1999, which allowed banks, insurance companies and investment houses to merge and thus repealed the Glass-Steagall Act which had been in place since 1932. It also prevented further regulation of risky financial derivatives. His deregulation of finance (both tacit and overt through GLBA) was criticized as a contributing factor to the Great Recession.
While he disputes that claim, he expressed regret and conceded that in hindsight he would have vetoed the bill, mainly because it excluded risky financial derivatives from regulation, not because it removed the long-standing Glass-Steagall barrier between investment and depository banking. In his view, even if he had vetoed the bill, the Congress would have overridden the veto, as it had nearly unanimous support.[2]
https://en.wikipedia.org/wiki/Economic_policy...nistration
Billy CRACK BOY Clinton
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See also: Subprime mortgage crisis
Clinton signed the Financial Services Modernization Act or GLBA in 1999, which allowed banks, insurance companies and investment houses to merge and thus repealed the Glass-Steagall Act which had been in place since 1932. It also prevented further regulation of risky financial derivatives. His deregulation of finance (both tacit and overt through GLBA) was criticized as a contributing factor to the Great Recession.
While he disputes that claim, he expressed regret and conceded that in hindsight he would have vetoed the bill, mainly because it excluded risky financial derivatives from regulation, not because it removed the long-standing Glass-Steagall barrier between investment and depository banking. In his view, even if he had vetoed the bill, the Congress would have overridden the veto, as it had nearly unanimous support.[2]
https://en.wikipedia.org/wiki/Economic_policy...nistration
Billy CRACK BOY Clinton
Can YOU Comprehend THIS
You can Ask Poem to HELP you
PUTZ z Z z Z z Z z Z z z z z z z
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