Glass Steagall Glass-Steagall Congress Voted Research Paper

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Many countries signed treaties and trade agreements that that allowed financial institutions to move beyond international borders while bypassing significant regulations.

However, there is evidence to support the fact that the Gramm-Leach Bliley Act, that essentially repeal the Glass-Steagall Act, increased the bank failure rate, affect the cost of funds, and also increased stock market volatility (Cebula, 2010). Many people have actually proposed that a form of the Glass-Steagall Act be reintroduced. The U.S. Congress attempted to sign into law a Financial Reform Bill by the fourth of July, 2010 that was intended to re-enact Glass-Steagall type reforms to ban banks from speculative trading with depositor's money, introduce a consumer protection bureau to police credit products, and empower the government with authority to seize failing systemically important institutions (Lopes, 2010).

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However, not all of these items were instituted. Furthermore, deregulation is still a problem while markets to have continued to accept more systemic risk. With a limited number of very large banks that are prone to accept more risks through the invention of new financial products, the risks to the entire economy grow. Although there are many benefits such as product innovation, there are also a different set of risks that are injected into the system that can create volatility and raise the consumer price for financial services.

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"Glass Steagall Glass-Steagall Congress Voted" (2013, July 26) Retrieved June 16, 2024, from
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"Glass Steagall Glass-Steagall Congress Voted", 26 July 2013, Accessed.16 June. 2024,
https://www.aceyourpaper.com/essays/glass-steagall-glass-steagall-congress-voted-97502
   

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