Artorius Castus

Clinton Signs Legislation Overhauling Banking Laws (From 1999)

Posted in Uncategorized by Patrick Truax on September 24, 2008

WASHINGTON, Nov. 12 (Reuters) – President Clinton signed into law today a sweeping overhaul of Depression-era banking laws. The measure lifts barriers in the industry and allows banks, securities firms and insurance companies to merge and sell each other’s products.

“This legislation is truly historic,” President Clinton told a packed audience of lawmakers and top financial regulators. “We have done right by the American people.”

The bill repeals parts of the 1933 Glass-Steagall Act and the 1956 Bank Holding Company Act to level the domestic playing field for United States financial companies and allow them to compete better in the evolving global financial marketplace.

Follow the money….This is an article from reuters from November of 1999. Pretty poignant on this Black Day..

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