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Flashback to 1999 – Specter votes for Gramm-Leach-Bliley

Sen. Specter has made it clear he feels Rep. Toomey shares some portion of the blame for over-aggressively deregulating the banking industry.  But Specter should review his own record before he speaks again.

One consequential piece of legislation from 1999, the Gramm-Leach-Bliley Act, has been frequently criticized as a primary cause of the housing credit bubble.  Gramm-Leach-Bliley included a partial repeal of the 1933 Glass-Steagall Act, allowing bank holding companies to purchase other financial institutions and get more heavily involved in investment services.

Now, I personally don’t buy the hype that Gramm-Leach-Bliley did what its critics say it did.  In some respects it helped facilitate a number of very helpful mergers during the financial collapse.  Even Bill Clinton was defending it as of 2008.  But what do I know…

How did Specter vote on GLBA?  He voted in favor of the final conference report in a 90-8 (1 Present, 1 Not Voting) Senate roll call vote.

March 16, 2009 at 12:00 am
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