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Domestic Banking

Wednesday, December 16, 2009

By Clyde Mitchell

"Clyde Mitchell, an adjunct professor at Fordham Law School, writes that although some politicians and others point to the Gramm-Leach-Bliley Financial Services Modernization Act as one of the causes of our current financial services industry crisis, the major cause of the crisis resulted from improperly made and regulated real estate related loans and their securitization, activity that was conducted by banks long before GLB was enacted. It cannot be effectively argued that GLB failed to achieve its main goals: to provide more and better services to bank customers; to provide more competition in the financial services industry; and to make our banks more competitive in the international arena."