Last week, lawmakers including Senator John McCain proposed reinstating Glass-Steagall, which was struck in 1999 by the Gramm-Leach-Bliley Act.
The repeal led to a rise in conglomerates including Citigroup that were allowed to branch into insurance and proprietary trading.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aaqerszXOPMU
Paul Volcker, a legendary former chairman of the Federal Reserve Board, was blunt: We need to break up our biggest banks and return to the basic split of activities that existed under the Glass-Steagall Act of 1933
http://economix.blogs.nytimes.com/2009/12/17/paul-volcker-finds-a-hammer
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