The second Glass-Steagull Act, passed in 1933, separated commercial banks from investment banks. This Act was reversed in November 1999 by the Gramm–Leach–Bliley Act.

The Glass-Steagull Act would have prevented the financial crisis of 2007-2009, but Congress removed the protection just eight years prior to the crisis. It is time that Congress admitted its mistake and re-establish the original second Glass-Steagull Act. The current financial legislation under consideration in Washington will not perform as well as the original Act passed in 1933.