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Why We Need to Restore Glass-Steagall

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Reinstating Glass-Steagall has emerged as a major topic of debate this year, culminating with the inclusion of support for the policy in the platform of both major parties. What’s behind this surge of interest? Why is the Glass-Steagall division between commercial and investment banking such a critical issue eight years after the financial collapse of 2008?

On Wednesday September 28th, AFR hosted a telephone briefing on the historical reasons why Glass-Steagall was put in place, the impact of its dismantling and the links to the 2008 financial crisis, and the case for an updated and stronger version of Glass-Steagall today.

Click here for an audio recording of this event.

ED KANE is a Professor of Finance at Boston College and a past president of the American Finance Association. He has published extensively on financial crises, the structure of the financial system, and the impacts of the repeal of Glass-Steagall.

CAROLYN SISSOKO has a PhD in economics from UCLA and JD from the University of Southern California. She has researched and published extensively on the legal and economic foundations of traditional commercial banking and money market regulation, as well as the origins and justification of the separation between commercial and investment banking.

ART WILMARTH is a Professor of Law at George Washington University and a nationally recognized expert in banking law. He has published more than forty articles on banking law and policy, including several articles analyzing both the history of Glass-Steagall and the impact of its repeal.

MARCUS STANLEY is the Policy Director of Americans for Financial Reform.