US Senate and Congress: We Need a New Glass-Steagal Act Right Now

Editor's note: For a riveting analysis on how we ended up with these Wall Street oligarchs and their Frankenbanks, Wall Street On Parade in their recent article Jamie Dimon Hires Dodd-Frank Hatchet Man to Weigh Suing the Fed Over Proposed Capital Rules recommends the seminal book on the subject of regulating money— Taming the Megabanks: Why We Need a New Glass-Steagall Act by Arthur E. Wilmarth, Jr. The underlying concern here is that we do not want Big tech taking over Big banking. The Glass-Steagal Act (see also Restore the Glass-Steagal Act) separated banking and insurance. That is why we need a new Glass-Steagal Act to separate Big tech from Big banking. If anyone thinks JP Morgan doesn't have an unprecedented criminal history, wait until Big tech and Big banking link up.