Whether you’re a Democrat or a Republican, the proposed revival and execution of the Glass-Steagall law is consistent.
As a conjuncture for the main theme of the election, “Make America Great Again,” Glass-Steagall Law is an essential tool for bringing back the money of the people in their pockets — and not stored on the confines of Wall Street.
According to cash management tool experts in Eagan, the re-adaptation of the law birthed by the Depression-era will break big banks apart to give a chance for smaller business to thrive again; overall making the American Dream a reality once more.
Poking the Big Bad and Bloated Bear
The issue of tearing down banking empires started when The Federal Reserve and Federal Deposit Insurance Corp. found anomalies with the Wall Street bank’s expansion. Despite the close call breakdown of the global economy nearly a decade ago, there’s no reason at all why banks have to be so big other than to monopolize the economy. The largest banking institutions in question are Bank of America, Wells Fargo, JPMorgan Chase, Bank of New York Mellon and State Street — who all failed to give a satisfactory plan in case their mammoth institution face bankruptcy.
A Trend that Shall Not Pass
Sizing up and lobbying Wall Street banks aren’t exactly easy for anyone despite their position. According to FDIC Chairman Martin Gruenberg, those banks have repeatedly received failing regulatory marks twice in two years; and the next time this happens, the authorities will strong-arm investors to diversify their investments to force these major institutions to downsize. However, with no actual law to back up the authority’s actions, Glass-Steagall is becoming a more reasonable platform for some presidential candidates.
A Positive Outlook
Even before talks about the Glass-Steagall law were brought up in the electoral campaigns, the federal authorities and regulators have been looking at alternative solutions in case bankruptcy hits any of these Wall Street superpowers. As the Oct. 1 deadline draws near, hopefully, the banks will put their self-interests in the curb to give way for smaller businesses to come in.