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This legislation completes the reversal of the 1933 Glass-Steagall Act (see Great Depression), which kept banks out of the stock market and the insurance business and imposed other restrictions on bank holding companies. This act will allow banks, brokerage firms and insurers to enter each other's business, giving consumers and corporate clients alike a broader menu of financial services.

Bank holding companies will now be allowed to own any securities firm, mutual fund company or other asset management business. Banks also will gain significant opportunities to increase global investing and be able to simplify many of the structures they have had to use in serving corporate customers. In addition, banks will be allowed to own insurance underwriters and agencies.

The Treasury is stating that there will be an estimated $15 Billion savings in improved efficiency through streamlining alone! Besides, who needs interest income when you can charge some poor schmoe $10 for a trade that would cost the bank about 10 cents to process.
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