A January 18 LTE stated that FDR passed the Glass-Steagall Act of 1933 as part of the New Deal legislation âthat Americans take for granted now.â G-S separated risky investment banking from traditional commercial banking, outlawing banks from gambling with depositorsâ money, which was a major factor in the bank failures that helped bring on the Great Depression.
The letter writer should know that, far from being taken for granted, Glass-Steagall was repealed by the Republican-controlled Congress in 1999.
Todayâs hard-right Republicans seem determined to also repeal the rest of FDRâs New Deal, and thus return us to the Robber Baron era of the late 19th century.
Roger Voelker
Southeast side
Disclaimer: As submitted to the Arizona Daily Star.
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