American Banker Warns: Without Dodd-Frank, Glass-Steagall Could Come In
Feb. 7, 2017 (EIRNS)—American Banker’s Washington, D.C., bureau chief Rob Blackwell warned bankers in a column last night, that their enthusiasm over tearing up Dodd-Frank could well usher in something much worse, at least in their eyes: the reinstatement of the 1933 Glass-Steagall law.
American Banker, a voice of the financial "industry" since 1836, suggests bankers think about "the political long game." Blackwell reminds his financier readers that [Obama’s] Dodd-Frank
Hillary Clinton, too, campaigned only for modest reforms of the law.
Thus, bankers happy about President Trump’s assault on Dodd-Frank, had better wake up to the fact that "there is a significant downside to what’s going on, one that might not be clear to banks until it’s too late." Dodd-Frank’s elimination