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June 29, 2017

Fact Sheet: Repealing Glass-Steagall Contributed to the 2008 Financial Crash; Properly Reinstating it Can be an Important Protection to Prevent Future Crashes and Taxpayer Bailouts

As President Trump and his Chairman of the National Economic Council, Gary Cohn, join Senators Elizabeth Warren (D-MA), John McCain (R-AZ), Angus King (I-ME) and Maria Cantwell (D-WA) in talking about “breaking up the too-big-to-fail banks” and bringing back “a Glass Steagall-type law,” we thought it would be useful to address the following questions:

What is Glass-Steagall?
What happened to the Glass-Steagall law?
What happened when Glass-Stegall was repealed?
What did all this have to do with the financial crash in 2008?
Who is against the reinstatement of Glass-Steagall-like protections? What are the arguments against doing that?



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