Remember how 1929 happened and why all of the restrictions were put in place to not allow speculation with bad paper in the stock market by separating banking from insurance from securities? Making them 3 separate industries with separate regulation?
Gramm-Leach-Bliley was a bi-partisan effort because the Senate Banking committee is bi-partizan and you cannot get any kind of finance related bill through the senate without the committees say so. By allowing banks to own insurance and securities companies, you can issue bad loans, insure them and float the investment structure through your securities holdings. Yep one stop shopping fedraly insured.......
OH, don't forget Alan Greenspan dropping the Fed rate to help get minorities and ilegals into homes with the subsiquent abuse of the rate drops, easy money and housing speculation bubble. I think Greenspan is a Democrat\Liberal and his crystal ball got clouded by his personal image of utopia.<---Law of Unintended Consiquences.
The full 1999 committee helped the House draft their version to address what both parties wanted. NOT the republicans rammed it down the poor defencless democrat\liberals throats. Every gun toating republican, loony elite Liberal, and dissacociated angry libertarian on this board got screwed equaly by the members of the 1999 Senate Banking committee and Bill Clinton. Pure American non-partizan GREED and subsiquent bi-partizan Banking committees did the rest........Look at all those cable TV turn your house for profit shows from 2001-2005 that sprang up.
We were all asleep at the wheel and I thought all the Liberal\Progessives on this board were political elite geniuses who know everything there is to know about all U.S. politics.........
FULL BANKING COMMITTEE TO SERVE ON CONFERENCE
FOR S. 900, FINANCIAL SERVICES MODERNIZATION
The U.S. Senate has approved the appointment of all 20 members of the Senate Committee on Banking, Housing and Urban Affairs to the conference on S. 900, the Financial Services Modernization Act.
Sen. Phil Gramm, chairman of the Banking Committee, made the recommendation to the Senate Majority Leader that the full committee be appointed to the conference.
"Congress has been working for 20 years to remove the Depression-era barriers that separate banking, insurance and securities," Gramm said. "And for the first time in 20 years, both houses of Congress have passed bills to do that.
"Members of the Banking Committee had a key role in shaping this legislation, and their expertise will be needed as we convert it into law," Gramm said. "It is a historic bill that has potential for benefiting all of our constituents, from Texas to South Dakota and from New York to Idaho."
In addition to Gramm, the Republican members of the Banking Committee are Richard Shelby of Alabama, Connie Mack of Florida, Robert Bennett of Utah, Rod Grams of Minnesota, Wayne Allard of Colorado, Michael Enzi of Wyoming, Chuck Hagel of Nebraska, Rick Santorum of Pennsylvania, Jim Bunning of Kentucky, and Mike Crapo of Idaho.
The ranking member of the Banking Committee is Sen. Paul Sarbanes of Maryland. The other Democrat members are Christopher Dodd of Connecticut, John Kerry of Massachusetts, Richard Bryan of Nevada, Tim Johnson of South Dakota, Jack Reed of Rhode Island, Chuck Schumer of New York, Evan Bayh of Indiana, and John Edwards of North Carolina.
The members of the Senate Banking Committee will work with House members to combine the two versions of S. 900. The Senate Banking Committee approved its version March 4, and it was passed by the full Senate May 6. The House approved H.R. 10 on July 1, and set the stage for conference on July 20 by substituting its language in S. 900 and sending the bill to the Senate.