Lest We Forget


Lest we forget the Gramm-Leach-Bliley Act of 1999 where it all began, I have found some interesting links.

Follow this link to see the record of the vote for the act. 53 Republicans and 1 Democrat voted for the bill. 44 Democrats voted against the bill.  1 Republican voted present.  1 Republican did not vote.

Follow this link to the Government Printing Office version of the 144 page bill.

Here is the innocuous sounding official description of the bill:

An Act to enhance competition in the financial services industry by providing a prudential framework for the affiliation of banks, securities firms, and other financial service providers, and for other purposes.

The following is the real key to understanding the purpose of the act:

TITLE I—FACILITATING AFFILIATION AMONG BANKS, SECURITIES FIRMS, AND INSURANCE COMPANIES

Here is another sound bite you often hear about the bill:

Sec. 101. Glass-Steagall Act repeals.

How about the following heading?

Subtitle B—Streamlining Supervision of Bank Holding Companies

By now you should get the gist of how to interpret Republican double-talk.  Remember this when you hear John McCain’s explanations.  Remember that Phil Gramm is one key idea man for John McCain.

What they say sounds innocent and good for us.  What they mean is hold onto your wallet.

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