Glass-Steagall Act: Those Who Got it Right and Those Who Didn’t
November 4, 1999. Senator Byron Dorgan, in a patterned red tie, sharp dark suit and hair with slightly more color than it has today, was captured only by the cameras of CSPAN2.
“I want to sound a warning call today about this legislation,” he declared, swaying ever so slightly right, then left, occasionally punching the air in front of him with a slightly closed fist. “I think this legislation is just fundamentally terrible.”
The legislation was the repeal of the Glass-Steagall Act (alternatively known as Gramm Leach Bliley), which allowed banks to merge with insurance companies and investment houses.
Only 8 Senators voted against this torpedo to the heart of the American financial system:
Dorgan, Boxer, Mikulski, Shelby, Harkin and Bryan, Feingold and Wellstone cast nay votes.
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