What was the Glass-Steagall Act Why was the bill drafted?
What was the Glass-Steagall Act Why was the bill drafted? The bill was designed “to provide for the safer and more effective use of the assets of banks, to regulate interbank control, to prevent the undue diversion of funds into speculative operations, and for other purposes.” The measure was sponsored by Sen. Carter Glass (D-VA) and Rep. Henry Steagall (D-AL). Why did the US repeal Glass-Steagall? The Glass-Steagall Act was repealed in 1999 amid long-standing concern that the limitations it imposed on the banking sector were unhealthy, and that allowing banks to diversify would actually reduce risk. What president repealed...