Reform of US banking laws moved a step nearer last night when the House of Representatives banking committee voted 29-8 to reform the Glass-Steagall Act which prohibits retail banks from investment banking activity such as underwriting securities issues. The Act is one of a series of restrictions imposed on US banks which go back to the days of the Wall Street crash and the great pre-war depression. The draft legislation would allow banks and securities houses to operate under the common ownership of a holding company.
Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.
US bank reform steps nearer