Glass-Steagall Act of 1933 was enacted during the Great Depression to prohibit commercial banks from speculating activities which caused the collapse of many banks. During the 1980's the laws governing banks was weakened to allow all banks to own brokerage firms and mutual funds and to act as both agent and principal in security trading. The result of this change was that banks speculated and managed the speculation (brokerage firms and mutual funds) because the returns were more profitable that offering loans to businesses. This was true because the banks not only owned the instruments being speculated on but also managed the trading in those instruments. This was the same situation we found our selves in October, 1929. Everyone bought stocks rather than creating saving (brokerage firms and mutual funds were managed by banks). The recovery wasn't complete until some say 1939 others say 1945. The collapse of the world economy had a direct impact on the causes of WWII. The Great Recession ran from 2007 to 2009, some areas of the country are still feeling the effects. Again speculation was at the root of the collapse. This time in the mortgage speculation on housing loans. (Home mortgages are bought and sold just like stocks or bonds.) If the Glass-Steagal Act were passed commercial and investment banking would be separated. Commercial banks would be force to divest themselves of the investment activities. Speculating whether in the stock market or in home mortgage loans would not be able to hold our economy hostage because of being to big to fail. In a downturn in speculative investing commercial banks would still be open for business and our economy would continue to function. Banks do not need more freedom, they need regulation and to be broken up (commercial vs investment) or they will continue to hold us hostage. Remember, to big to fail actually represents a choice: do you want another Great Depression or to prop up the financial sector? If we had not propped the financial sector after 2007 we would have experienced 1929 all over again. Letting the banks go without regulation such as the Glass-Steagal Act will, regardless of any other proposal, obligate the bailout of the banks if we have another 2007 or 1929 because the only other choice will be a depression worse than 1929 or the recession of 2007. I remember the financial meltdown and the horrible effect it had on people all over our area. I wish you'd remember it and place STRONGER safeguards in place instead of weakening regulations to benefit your campaign supporters.