Obama takes on banks with new Glass-Steagall act The Glass-Steagall act that followed has now been taken up by President Obama. Photograph: Bettmann/CORBIS Officially it was blandly named the Banking Act of 1933 but around the world it is better known as Glass-Steagall, the ground-breaking piece of legislation that prevented commercial banks which took deposits from embarking on risky trading activities.Carter Glass and Henry Steagall were the revolutionaries of the time. The years after the Great Depression sparked a debate in the US about how to prevent such devastation hitting the economy again, after nearly 5,000 banks collapsed.President Barack Obama, hurt by the historic loss of a Democ...

	‘We-re Not Returning to Glass-Steagall- � The Washington Independent Here's a warning, however, from a senior administration official talking to reporters this morning: “We're not returning to Glass-Steagall. ... Traders Fret on Glass-Steagall's Return ... wondering whether the administration might go further than expected in reinstating provisions of the Glass-Steagall Act, says Peter McCorry, ... Reform Plans Cripple Markets; Dow Dives 200 While it is not being described as a resurrection of the 1930s' Glass-Steagall Act, it would instead invoke "the spirit" of the Great Depression law. ... US Stocks Fall As Obama Seeks New Curbs On Banks In comments just before midday, Obama spelled out a plan that would effectively restore some provisions of the Depression-era Glass-Steagall Act, ... Obama To Propose New Limits On Banks, Revive 'Spirit Of Glass Steagall' WASHINGTON -- President Barack Obama on Thursday is expected to propose new limits on the size and risk taken by the country's biggest banks, ... Terms of Service David Viniar, Goldman's chief financial officer, called the proposals “impractical” and said they harken back to the Depression-area Glass-Steagall Act. ... The American Prospect 1. Limit the Scope -The President and his economic team will work with Congress to ensure that no bank or financial institution that contains a bank will ... Wrong Solution For Wrong Problem? By WSJ Staff A move back toward Glass-Steagall “is the wrong solution for the wrong problem,” says Lawrence White of New York University's Stern School of ... Investment News The acquisition clearly violated the Glass-Steagall Act, which forbade commercial banks and investment banks from living together under one umbrella. ...