Issa: Republicans went "too far" when they spearheaded the repeal of the Glass-Steagall Act in 1999

[babylonsister]

GOP Rep. Issa: 1999 banking deregulation bill went 'too far'
By Michael O'Brien - 04/26/10 10:47 AM ET



Republicans went "too far" when they spearheaded the repeal of the Glass-Steagall Act in 1999, a top GOP lawmaker said Monday.

Rep. Darrell Issa (R-Calif.), the ranking member of the House Oversight and Government Reform Committee, said that many of his current colleagues erred when they voted to repeal the 1932 act that mandated, among other things, the separation of commercial and investment banking.

"There's no question that, in 1999, when they 'deregulated' by getting rid of Glass-Steagall — something that was done with a Republican Congress and a Democratic president — I think we really went too far in saying there are banks and there are non-banks and they can own each other," Issa said Monday during an appearance on "Imus in the Morning" on the Fox Business Network.

A Republican-controlled House, with strong Democratic support, voted in late 1999 to repeal Glass-Steagall, while the Senate voted 54-44, with only one Democratic vote in favor, to support the repeal.

more...

http://thehill.com/blogs/blog-briefing-room/news/94281-top-republican-says-1999-glass-steagall-repeal-went-too-far

[Vincardog]

1. Repeat after me "DUH". Alright who sold them a CLUE?

[izquierdista]

2. In the land of the half watt bulbs

The 4 watt night light leads the way!

[Bozita]

7. DUzy for sure!

[upi402]

3. no shit n/t

[Old and In the Way]

4. I really think Clinton was a wounded duck at this point.

Given the impeachment BS, I think he was too weak, at this point, to take this issue on....of course, his advisors were for the repeal, so it was even more problematic for him to fight this legislation. Perhaps even he thought it was good idea, but given the Senate Democrats lining up against this, I'm surprised he didn't veto it.

[Captain Hilts]

25. Not really, his job rating was actually very good. He just didn't have the #s in Congress. nt

[gratuitous]

5. This admission, of course, in no way means Republicans will lift a finger to undo that

And what was the name of that legislation? Oh yeah, "Gramm" something or other. Keep this in mind the next time Phil Gramm's ugly mug pops up somewhere to lecture us all about the evils of the financial system, and how all those po' folks pushed the Big Money Boyz around to create the subprime mortgage crisis.

[The Backlash Cometh]

6. Let's hear it for Free Market!

Which only goes to show you that a catchy title is all it takes to fool the majority of the people, most of the time.

[DURHAM D]

8. That 55-44 number seems to have been just made up.

It was more like 90 for repeal - 8 against if I recall correctly. Some of those Dems voting for/pushing for repeal are still in the House/Senate. The overwhelming amount of Dem support was the main reason Clinton could not veto it.

[Brother Buzz]

9. One republican and seven Democrats.

Richard Shelby only Republican who voted against repeal of Glass Steagall. He was joined by 7 Democrats: Barbara Boxer of California, Richard H. Bryan of Nevada, Russell D. Feingold of Wisconsin, Tom Harkin of Iowa, Barbara A. Mikulski of Maryland, Mr. Dorgan and Mr. Wellstone.

[DURHAM D]

10. And just think "The Hill" is supposed to be such a good source for news.

right...

Why do you think Issa and others are lying about the vote numbers?

Oh never mind - they want to blame Clinton. Happens here at DU all of the time as well.

[eppur_se_muova]

14. That's quite an honor roll of Dems.

All real fighters!

[ieoeja]

15. Most people refer to passage of the original bill.

Not the bill that comes out of conference with the House. Those are typically passed pro-forma. Voting against the final bill generally makes you look like a sore loser (see: Republicans and Affordable Healthcare Act).

So Senate Democrats voted overwhelmingly against this bill in the Senate. Then routintely rubber-stamped the conference bill.

[Brother Buzz]

22. So in hindsight, Barbara Boxer, a sore loser, is looking pretty smart in the end

Voting against the repeal of the Glass-Steagall Act is a nice straight arrow to have in her re-election quiver.

[ProSense]

16. The vote was 55-44

roll call.

[unhappycamper]

11. Gramm-Leach-Bliley Act

:puke:

[malaise]

12. Fuck off Issa

http://www.huffingtonpost.com/2009/05/11/glass-steagall-act-the-se_n_201557.html

The footage of him speaking on the Senate floor has become something of a cult flick for the particularly wonky progressive. The date was November 4, 1999. Senator Byron Dorgan, in a patterned red tie, sharp dark suit and hair with slightly more color than it has today, was captured only by the cameras of CSPAN2.

"I want to sound a warning call today about this legislation," he declared, swaying ever so slightly right, then left, occasionally punching the air in front of him with a slightly closed fist. "I think this legislation is just fundamentally terrible."

The legislation was the repeal of the Glass-Steagall Act (alternatively known as Gramm Leach Bliley), which allowed banks to merge with insurance companies and investment houses. And Dorgan was, at the time, on a proverbial island with his concerns. Only eight senators would vote against the measure -- lionized by its proponents, including senior staff in the Clinton administration and many now staffing President Obama, as the most important breakthrough in the worlds of finance and politics in decades.

"It was more like a tidal wave in 1999," the North Dakota Democrat recalled of that vote in an interview with the Huffington Post. "You've seen the roll call. We didn't really have to deal with push back because they had such a strong, strong body of support for what they call modernization that the vote was never in doubt... The title of the bill was 'The Financial Modernization Act.' And so if you don't want to modernize, I guess you're considered hopelessly old fashioned."

[OnyxCollie]

17. Darrell Issa

The guy who beat Jane Harman for richest person in the House of Representatives.

[malaise]

18. As if he would have voted any other way

He sickens me.

[OHdem10]

13. Repeal of Glass- Steagall did lay the ground work for the Crisis.

Another set of Deregulations under Bush clinched the deal.

[Cali_Democrat]

19. Imus is on Fox Business channel?

Figures they would hire a bigot that refers to African American women and "nappy headed hos"

[The Straight Story]

20. And bush did not veto it! Oh wait..... (nt)

[Wednesdays]

23. No, he spearheaded the movement to re-instate it!

Didn't he? :shrug:

[nadinbrzezinski]

21. Proving once again that a broken clock is right twice a day

Issa you ain't getting much from them banksters, are you?

He is from the local area... trust me good ol' darrell is an ass. Ok I am insulting asses my apologies.

[Captain Hilts]

24. Yes, they did. nt

[necso]

26. Reinstate it. /mt