Deregulation and the Financial Crisis∗
نویسنده
چکیده
The recent pronouncement by Sandy Weill, the former Chairman and CEO of Citigroup, that the separation between commercial banking and securities underwriting should be reinstituted has reignited the debate about the role of bank deregulation as a cause of the subprime crisis. In particular, Mr. Weill’s comments have been taken as evidence that the 1999 repeal of the Glass-Steagall Act, contained in legislation known as the Gramm-LeachBliley Act (GLBA), which Mr. Weill enthusiastically supported at the time, was a significant cause of the financial meltdown that began in 2007. These views have been espoused repeatedly by newspaper columnists, talk show pundits, and even some respected think tanks since the financial meltdown began.
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تاریخ انتشار 2012