President Barack Obama Message Board

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Politics : President Barack Obama

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To: koan who wrote (41937)	11/2/2008 5:36:47 PM
From: H-Man	1 Recommendation Read Replies (1) of 149317

Deregulation 1999 - Bank Deregulation Bill - President Clinton & Republican Congress Deregulation, has been attempted as a scapegoat in this crisis. Clinton and 139 Dems seemed pretty happy about it at the time. Summary Facts: Treasury Secretary Rubin and Deputy Secretary Lawrence Summers both supported the bill... President Clinton signed into law today a sweeping overhaul of Depression-era [New Deal] banking laws. The measure lifts barriers in the industry and allows banks, securities firms and insurance companies to merge and to sell each other’s products. “This legislation is truly historic,” President Clinton told a packed audience of lawmakers and top financial regulators. “We have done right by the American people.” The bill repeals parts of the 1933 Glass-Steagall Act and the 1956 Bank Holding Company Act to level the domestic playing field for United States financial companies and allow them to compete better in the evolving global financial marketplace. - Nov 13, 1999 NY Times Props to Scot and his soapbox for doing his homework There are lots of affects of deregulation, the one that is relavent: It Allowed the expansion of sub-prime loans because the institutions could be graded under the CRA, and more pressure brought to bear on them to provide such loans Which Barney and Acorn did eagerly

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