LyrArc Article Gist
Senator Byron Dorgan warned about a crisis occurring through the dismantling of Glass-Steagall protections in banking that were put in place after the Great Depression. The change was pushed through with the Gramm-Leach-Biley Act named after Senator Phil Gramm of Texas, and was supported by President Clinton, Rubin, and Summers. Senators Dorgan and McCain called for a special committee to investigate what happened and why. This "select Committee" would have sub peona powers. One of the questions this would help address is whether in the future one would go back and reinstate some parts of Glass-Steagall. That decision says Dorgan has to be made, and he does not think its old-fashioned to go back to protections that previously existed. Its not that he was prescient, says Dorgan, its just that the protections put in place by Glass-Steagall were basically sound then, and they are sound today.