Glass-Steagall Revisited: Congress At 'War With Wall Street' Says Former Fed Governor

03/18/2010 05:12 am ET | Updated May 25, 2011

Dec. 28 (Bloomberg) -- A one-page proposal gaining traction in Congress could turn back the clock on Wall Street 10 years, forcing the breakup of banks, including Citigroup Inc.

Lawmakers in both parties, seeking to prevent future financial crises while soothing public anger over bailouts and bonuses, are turning to an approach that's both simple and transformative: re-imposing sections of the 1933 Glass-Steagall Act that separated commercial and investment banking.

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