In assessing the recent damage on Wall Street, both John McCain and Barack Obama have placed the blame on a lack of government regulation.
While neither candidate has mentioned it by name, at issue is the Glass-Steagall Act, which regulated investment banks from 1930s until Congress repealed the law in 1999. In a CNBC interview Tuesday, U.S. Sen. Richard Shelby of Alabama, the ranking Republican on the Senate banking committee, said reviving Glass-Steagall regulations was “something we should look at.”
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