“The United States needs to resurrect legislation that would break up large financial institutions by preventing investment banking and commercial banking from operating under one roof, says Robert Reich, former Labor Secretary under President Bill Clinton.
Under Clinton himself, the government repealed the Glass-Steagall Act, a move that allowed financial institutions to run both investment-banking units and commercial banks.
Current financial reforms such as the Volcker Rule, which would prevent banks from making trades in capital markets with their own money, might not be enough.”
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