House Bill Would Reimpose Glass-Steagall Act Restrictions and Repeal Broad Financial Activities Authorities Provided by the GLB Act

A bill sponsored by Rep. Marcy Kaptur (D-Ohio) would reimpose the Glass-Steagall Act barriers separating commercial banking from investment banking that ended with the Gramm-Leach-Bliley Act (GLB Act). The bill would also repeal the general expansion under the GLB Act of activities (including securities activities and insurance underwriting) permissible for bank holding companies that qualify as financial holding companies. As part of his confirmation process, Treasury Secretary Mnuchin has indicated that the administration would be considering a 21st century version of the Glass-Steagall Act.

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