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Bank Powers: Issues Related to Repeal of the Glass-Steagall Act

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Report Type Reports and Testimonies
Report Date Jan. 22, 1988
Report No. GGD-88-37
Subject
Summary:

In response to a congressional request, GAO provided information on issues concerning the expansion of banks' securities powers through repeal of the Banking Act of 1933 (Glass-Steagall) and the ramifications of eliminating or extending the moratorium on expansion of bank powers.

GAO found that repeal of the act could: (1) benefit consumers in terms of lower prices and better services; and (2) create a need for regulatory oversight and legislation to protect consumers and enhance the safety and soundness of banking and commercial institutions. GAO believes that: (1) to protect consumer interests, it will be necessary to gradually phase out the act's restrictions while ensuring adequate capitalization, requiring a bank holding company structure, and increasing regulatory oversight; and (2) extending the moratorium would be unfair to other lending institutions that are not protected by the act's provisions.

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