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Repealing Glass-Steagall: the past points the way to the future

Author

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  • Loretta J. Mester

Abstract

Passed as part of the National Bank Act of 1933, the Glass-Steagall Act prohibits the mixing of commercial and investment bank activities. It was passed during a time of tumult in financial markets: the economy was in depression and there were many bank failures. Given the state of today's banking industry and the current economic climate, is it time to repeal Glass-Steagall? Congress has been debating the issue for some time. In this article, Loretta Mester weighs in with her analysis of the situation. Her conclusion? The data support repeal.

Suggested Citation

  • Loretta J. Mester, 1996. "Repealing Glass-Steagall: the past points the way to the future," Business Review, Federal Reserve Bank of Philadelphia, issue Jul, pages 3-18.
    • Handle: RePEc:fip:fedpbr:y:1996:i:jul:p:3-18
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/business-review/1996/july-august/brja96lm.pdf
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    Cited by:

    1. David P. Ely & Kenneth J. Robinson, 1999. "The determinants of the wealth effects of banks' expanded securities powers," Financial Industry Studies Working Paper 99-1, Federal Reserve Bank of Dallas.

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