Bill Clinton: No Evidence Glass-Steagall Repeal Led to Crisis

“There’s not a single, solitary example that it had anything to do with the financial crash,” former President Bill Clinton tells Inc. regarding 1999 repeal of Glass-Steagall.

  • “In fact, a study done afterward said that the unified banks were actually slightly less likely to fail than either the commercial banks that overloaded on subprime mortgages, or the investment banks, like Bear Stearns, Lehman Brothers, and others”: Clinton
  • NOTE: Democratic presidential candidate Hillary Clinton won’t propose reinstating Glass-Steagall, adviser Alan Blinder told Reuters last month
  • NOTE: Clinton’s rivals for the 2016 Democratic nomination, Sen. Bernie Sanders and former Md. Gov. Martin O’Malley, have called to break up the biggest U.S. banks
Related: Warren, McCain Renew Push to Enact Modern Glass-Steagall Act; Citigroup’s Parsons Says Ending Glass-Steagall Led to Crisis

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE