What was the Gramm-Leach-Bliley legislation?

[kentuck]

And why is it relevant? It repealed Glass Steagal.

Here is a roll call vote from the Senate record taken on May 6th, 1999. If you notice, Joe Biden voted against it and John McCain voted for it. All the Republicans voted for it and one Democrat voted with them - Ernest Hollings of SC.

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00105

=========================================
http://discuss.epluribusmedia.net/taxonomy/term/2307

(comments from April 3rd of this year)

<snip>
Michael Greenberger, former Director of Trading and Markets at the Commodity Futures Trading Commission (CFTC), was interviewed by NPR’s Terry Gross this past Thursday, April 3. He explained that the sub-prime mortgage crisis was caused by financial derivatives, and that there are more crises coming, because there are many more financial derivatives out there. He notes that the one act of deregulation most to blame – even more to blame than the 1999 repeal of the Glass-Steagal Act (the law passed in the First Great Depression to separate commercial banking from investment banking) is the Commodities Futures Modernization Act of 2000, introduced on the sly by then Senator Phil Gramm (R-TX), who is now the top economic advisor to John McCain:

And Greenberger warns that we are at the beginning of the financial crises, not the end.

When people tell you this is the worst economic crisis since World War Two, that’s a way of not saying the panicky thing, which is, we may be heading for a depression. And if a Bear Stearns collapses, you’re going back to 1929.

The market went up last week because there is the belief that Bear Stearns is the end. But there are some of us who are very worried that Bear Stearns is the beginning and not the end, and if we needed $30 billion to bail out Bear Stearns . . . .

==================================================

ROLL CALL VOTE TO REPEAL GLASS-STEAGAL ACT


U.S. Senate Roll Call Votes 106th Congress - 1st Session

as compiled through Senate LIS by the Senate Bill Clerk under the direction of the Secretary of the Senate

Vote Summary

Question: On Passage of the Bill (S.900 as amended )
Vote Number: 105 Vote Date: May 6, 1999, 08:14 PM
Required For Majority: 1/2 Vote Result: Bill Passed
Measure Number: S. 900
Measure Title: An Act to enhance competition in the financial services industry by providing a prudential framework for the affiliation of banks, securities firms, and other financial service providers, and for other purposes.
Vote Counts: YEAs 54
NAYs 44
Present 1
Not Voting 1

[mrJJ]

1. Too Bad The Facts wont get out

"John McCain voted FOR the bank laws that led to the current credit crisis. John Mccain's economic advisor WROTE the law. 53 Republicans voted YES to the law. When you're in danger of losing your house, can you take a chance on more of the same from those who wrecked out economy?"

How Did Your Senator Vote?

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00105