Reinstating Glass-Steagall appears to be a very popular possibility, although all I can find is an unscientific online poll (87% for). You may wonder: what is Glass-Steagall?

Here are extracts from a timeline by PBS’s Frontline, The Long Demise of Glass-Steagall,

“In 1933, Senator Carter Glass (D-Va.) and Congressman Henry Steagall (D-Ala.) introduce the historic legislation that bears their name, seeking to limit the conflicts of interest created when commercial banks are permitted to underwrite stocks or bonds. In the early part of the century, individual investors were seriously hurt by banks whose overriding interest was promoting stocks of interest and benefit to the banks, rather than to individual investors. The new law bans commercial banks from underwriting securities, forcing banks to choose between being a simple lender or an underwriter (brokerage). The act also establishes the Federal Deposit Insurance Corporation (FDIC), insuring bank deposits, and strengthens the Federal Reserve’s control over credit.”

66 years later, after numerous weakenings: Continue reading →