Named after the two Democrat senators who sponsored it, Glass-Steagall prevented commercial banks – which take deposits from ordinary households and firms – from engaging in the high-risk speculative activities undertaken by investment banks.
Legislation in the US is not usually named after "two senators". Rather, after one Representative and one Senator: the names of those who sponsor the legislation in each House. Glass was a senator, Steagall athe representative.
Pendantry I know, but this is in a national newspaper after all.
3 responses so far ↓
1 dearieme // Jan 4, 2009 at 12:32 pm
“Glass-Steagall was repealed by then President Bill Clinton”: do presidents really repeal legislation?
2 ZT // Jan 4, 2009 at 9:42 pm
Clinton signed (rather than vetoed) the legislation that repealed Glass-Steagall.
3 dearieme // Jan 5, 2009 at 6:57 pm
So the answer to my question is “no”.
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