It's interesting how people love to blame Clinton for initiating deregulation of Wall Street. Interesting, but hardly accurate. The bill which began it all was the Gramm-Leach-Bliley act (commonly referred to as GLBA, but properly titled The Financial Services Modernization Act of 1999.) I remember it well, since I was a Senior Vice President at Bank of America when it took effect.
The Bill was introduced by Senators Phil Gramm (R - Texas), Jim Leach (R - Iowa) and Thomas Bliley (R - Va). Since the President rarely (read: NEVER) introduces legislation, I'm curious how this Republican cabal equates to Bill Clinton.
The Bill was initially passed in the Senate along party lines, with only one Democrat voting in favor. Exercising a last minute power play, the Democrats, unable to halt the momentum of the Bill, agreed to support it only after anti-redlining provisions were added, hardly a Wall Street coup. Again, as a lawyer, I have a reasonable understanding of the legislative process, but I'm unclear how this becomes a Democratic initiative.
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branchandroot
no subject
Date: 2008-12-22 11:17 pm (UTC)no subject
Date: 2008-12-22 11:31 pm (UTC)no subject
Date: 2008-12-22 11:54 pm (UTC)no subject
Date: 2008-12-23 12:19 am (UTC)no subject
Date: 2008-12-23 01:36 am (UTC)no subject
Date: 2008-12-23 01:11 pm (UTC)The Bill was introduced by Senators Phil Gramm (R - Texas), Jim Leach (R - Iowa) and Thomas Bliley (R - Va). Since the President rarely (read: NEVER) introduces legislation, I'm curious how this Republican cabal equates to Bill Clinton.
The Bill was initially passed in the Senate along party lines, with only one Democrat voting in favor. Exercising a last minute power play, the Democrats, unable to halt the momentum of the Bill, agreed to support it only after anti-redlining provisions were added, hardly a Wall Street coup. Again, as a lawyer, I have a reasonable understanding of the legislative process, but I'm unclear how this becomes a Democratic initiative.