Clinton reminisces

Looking at the Gramm-Leach-Bliley Act in the rearview mirror

Might the President feel any remorse about what he helped bring about?

One policy Clinton said he doesn't regret is his 1999 repeal of the Glass-Steagall Act, which, for the first time since the Depression, allowed commercial banks to engage in investment banking activities. Clinton said the commercial banks were an important moderating force on the risk-taking of the big investment firms that collapsed this week. "In the case of the current crisis, I believe the bill I signed allowed Bank of America to take over Merrill Lynch," he said [link added].


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