Re-enactment of the Glass–Steagall Act 1933: is this a step in the right direction for global financial reform?
Author: Lopes, Jacqueline
Source: Law and Financial Markets Review, Volume 4, Number 4, July 2010 , pp. 428-432(5)
Publisher: Hart Publishing
Abstract:In the wake of the 2008 financial crisis, much controversy has ensued over the provision of guarantees and bailouts to institutions considered “too big to fail”. To address this problem and avert future financial crises, the US agreed to sign into law a Financial Reform Bill by the 4 July 2010, which will: (i) re-enact Glass–Steagall style reforms to ban banks from speculative trading with depositor's money; (ii) introduce a consumer protection bureau to police the sale of credit products; and (iii) empower the government with authority to seize failing systemically important institutions. This paper presents the historical background to the crisis, discusses the implementation of the above reforms and considers the impact at an international level.
Document Type: Research Article
Publication date: July 1, 2010
- Law and Financial Markets Review is a new, independent, English language journal devoted to providing high quality information, comment and analysis for lawyers specialising in banking and financial market issues and to others with interests in legal and regulatory developments affecting the financial markets. Published bi-monthly LFMR contains articles written by leading experts providing a forum for practical guidance on, as well as reflective and topical analysis of, all major jurisdictions, with a particular focus on the interaction between the law and market practice and behaviour.
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