Gramm-Leach-Bliley Act

"The bills comprising the act were introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA). The bills were passed by a 54-44 vote along party lines with Republican support in the Senate[1] and by a 343-86 vote with in the House of Representatives[2]. Nov 4, 1999: After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bill resolving the differences was passed in the Senate 90-8-1 and in the House: 362-57-15. It was signed into law by President Bill Clinton on November 12, 1999. [3]

Would not have mattered if Clinton signed the bill or not with a 90% majority in the Senate.

The banking industry had been seeking the repeal of Glass-Steagall since at least the 1980s. In 1987 the Congressional Research Service prepared a report which explored the case for preserving Glass-Steagall and the case against preserving the act.[4]"

http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act

Senator Phil Gramm led the Senate Banking Committee which sponsored the Act; he later joined UBS Warburg, at the time the investment banking arm of the largest Swiss bank.


Who is Phil Gram associated with now? Humm.... is it CLINTON? Nope guess again. Obama? No wrong. One more guess. MCCAIN? Right.