SENATORS AND REPRESENTATIVES WHO VOTED TO REPEAL THE GLASS-STEAGALL ACT
Senators and Representatives who voted for S900 (Repeal of the Glass-Steagall Act)
Signed by President Bill Clinton
From Wikipedia, the free encyclopedia
The Banking Act of 1933, Pub.L. 73-66, 48 Stat. 162, enacted June 16, 1933, was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation. It is most commonly known as the Glass–Steagall Act, after its legislative sponsors, Senator Carter Glass (D–Va.) and Congressman Henry B. Steagall (D–Ala.-3). Some provisions of the Act, such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm–Leach–Bliley Act, named after its co-sponsors Phil Gramm (R, Texas), Rep. Jim Leach (R, Iowa), and Rep. Thomas J. Bliley, Jr. (R, Virginia).
The repeal of provisions of the Glass–Steagall Act of 1933 by the Gramm–Leach–Bliley Act effectively removed the separation that previously existed between investment banking which issued securities and commercial banks which accepted deposits. The deregulation also removed conflict of interest prohibitions between investment bankers serving as officers of commercial banks. This repeal directly contributed to the severity of the Financial crisis of 2007–2011 by allowing Wall Street investment banking firms to gamble with their depositors' money that was held in commercial banks.
The repeal enabled commercial lenders such as Citigroup, which was in 1999 the largest U.S. bank by assets, to underwrite and trade instruments such as mortgage-backed securities and collateralized debt obligations and establish so-called structured investment vehicles, or SIVs, that bought those securities. Elizabeth Warren, author and one of the five outside experts who constitute the Congressional Oversight Panel of the Troubled Asset Relief Program, has said the repeal of this act contributed to the Global financial crisis of 2008–2009.
The Glass-Steagall Act was
only partially reinstated by the
The following is a list of senators and representatives who voted to repeal the Glass-Steagall Act. The names in bold are currently in office as of 2011 and need to be either impeached or voted out of office. At the very least, they should be required to undo the damage they have done. Please contact these people and let them know how you feel about what they have done. These people can be contacted by clicking on their names.
FINAL VOTE BY THE SENATE
Alphabetical by Senator Name
Mack (R-FL), Yea
* Voted for an earlier version of the bill.
Final vote by the House of Representatives
TOTAL = 74 REPUBLICANS AND 82 DEMOCRATS who are still in office.
Voting information compiled from the records of the Library of Congress. You can find this information and more at: http://thomas.loc.gov/cgi-bin/bdquery/z?d106:SN00900:@@@S|TOM:/bss/d106query.html|
These Senators and Representatives shamefully betrayed the American people and need to be held accountable.