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Glass-Steagall Fans Consider New Assault

Politicians and advocates on both sides of the aisle threaten a return to prohibiting banks from securities activities if the final Volcker rule is deemed too weak.

By Phil Mattingly and Cheyenne Hopkins, Bloomberg | Updated on December 09, 2013

Five U.S. agencies will finish the Volcker rule tomorrow after more than three years of Wall Street resistance to its limits on trading and investing. Lawmakers and their allies who want to rein in big banks are ready to pounce if it isn’t strict enough.

Politicians and advocates—some Democrats, some Republicans—who blame the 2008 financial crisis on deregulation express concern that the Volcker rule won’t adequately block banks from making risky bets with their own money. If the rule is too weak, they say, it will add fuel to a push to reinstate a Depression-era law known as Glass-Steagall that split banks and securities firms until 1999.

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