John McCain wants to restore the Glass-Steagall Act

There were two Glass-Stegall Accts. The second Glass–Steagall Act (the Banking Act of 1933) was a reaction to the collapse of a large portion of the American commercial banking system in early 1933.

It introduced the separation of bank types according to their business (commercial and investment banking). It also founded the Federal Deposit Insurance Corporation for insuring bank deposits.

Literature in economics usually refers to this simply as the Glass–Steagall Act, since it had a stronger impact on US banking regulation.

The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by a Republican majority, basically following party lines by a 54–44 vote in the Senate and by a bi-partisan 343–86 vote in the House of Representatives.

Sen.Phil Gramm now works for UBS AG, a Swiss bank that marketed tax evasion schemes to affluent Americans. UBS recently settled with the US Justice Department.

Sen. Byron Dorgan accurately predicted the banking industry would collapse 10 years after the Glass-Steagall Act was repealed.

source: http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act 

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