The Glass–Steagall legislation describes four provisions of the United States Banking Act of 1933 separating commercial and investment banking. The article 1933 Banking Act describes the entire law, including the legislative history of the provisions covered.
Lawrence Henry Summers is an American economist who served as the 71st United States Secretary of the Treasury from 1999 to 2001 and as director of the National Economic Council from 2009 to 2010. He also served as president of Harvard University from 2001 to 2006, where he is the Charles W. Eliot University Professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard Kennedy School. In November 2023, Summers joined the board of directors of artificial general intelligence company OpenAI.
Robert Edward Rubin is an American retired banking executive, lawyer, and former government official. He served as the 70th U.S. Secretary of the Treasury during the Clinton administration. Before his government service, he spent 26 years at Goldman Sachs, eventually serving as a member of the board and co-chairman from 1990 to 1992.
Sullivan & Cromwell LLP is an American multinational law firm headquartered in New York City. Founded in 1879 by Algernon Sydney Sullivan and William Nelson Cromwell, the firm advised on the creation of Edison General Electric and the formation of U.S. Steel, pioneered modern reorganization efforts for insolvent companies, and influenced key financial and regulatory practices.
Henry "Hank" Merritt Paulson Jr. is an American investment banker and financier who served as the 74th United States Secretary of the Treasury from 2006 to 2009. Prior to his role in the Department of the Treasury, Paulson was the chairman and chief executive officer (CEO) of major investment bank Goldman Sachs.
The Museum of American Finance is an independent public museum dedicated to preserving, exhibiting and teaching about American finance and financial history. Located in the Financial District in Manhattan, New York City, it is an affiliate of the Smithsonian Institution. It is a tax-exempt 501(c)(3) organization chartered by the Board of Regents of the New York State Department of Education. With education at the core of its mission, it is an active national-level advocate on behalf of financial literacy.
Sheila Colleen Bair is an American former government official who was the 19th Chair of the U.S. Federal Deposit Insurance Corporation (FDIC) from 2006 to 2011, during which time she shortly after taking charge of the FDIC in June 2006 began warning of the potential systemic risks posed by the growing trend of subprime-mortgage-backed bonds, and then later assumed a prominent role in the government's response to the 2008 financial crisis. She was appointed to the post for a five-year term on June 26, 2006, by George W. Bush through July 8, 2011. She was subsequently the 28th president of Washington College in Chestertown, MD, the first female head of the college in its 234-year history, a position she held from 2015 until her resignation in 2017.
Stuart A. Levey was the first Under Secretary for Terrorism and Financial Intelligence within the United States Department of the Treasury. He was sworn in on July 21, 2004 as a political appointee of President George W. Bush. President Barack Obama asked Levey to remain in his position and Levey was one of only a small number of Senate-confirmed Bush appointees who served in the Obama Administration. After leaving the government, Levey joined the private sector as chief legal officer of HSBC, CEO of Diem Association and chief legal officer of Oracle.
The Emergency Economic Stabilization Act of 2008, also known as the "bank bailout of 2008" or the "Wall Street bailout", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing financial institutions and banks. The bill was proposed by Treasury Secretary Henry Paulson, passed by the 110th United States Congress, and was signed into law by President George W. Bush. It became law as part of Public Law 110-343 on October 3, 2008. It created the $700 billion Troubled Asset Relief Program (TARP), which utilized congressionally appropriated taxpayer funds to purchase toxic assets from failing banks. The funds were mostly redirected to inject capital into banks and other financial institutions while the Treasury continued to examine the usefulness of targeted asset purchases.
Peter J. Wallison is an American lawyer and the Arthur F. Burns Fellow in Financial Policy Studies at the American Enterprise Institute. He specializes in financial markets deregulation. He was White House Counsel during the Tower Commission's inquiry into the Iran Contra Affair. He was a dissenting member of the 2010 Financial Crisis Inquiry Commission, frequent commentator in the mass media on the federal takeover of Fannie Mae and Freddie Mac and the financial crisis of 2007–2008 and wrote Hidden in Plain Sight (2015) about the crisis and its legacy.
The subprime mortgage crisis reached a critical stage during the first week of September 2008, characterized by severely contracted liquidity in the global credit markets and insolvency threats to investment banks and other institutions.
In the United States, the Great Recession was a severe financial crisis combined with a deep recession. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output. This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis along with restrained government spending following initial stimulus efforts. It followed the bursting of the housing bubble, the housing market correction and subprime mortgage crisis.
This article details the history of banking in the United States. Banking in the United States is regulated by both the federal and state governments.
The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, excessive risk-taking by global financial institutions, a continuous buildup of toxic assets within banks, and the bursting of the United States housing bubble culminated in a "perfect storm", which led to the Great Recession.
Robert Joseph Giuffra Jr. is an American attorney. He is Co-Chair and a partner of Sullivan & Cromwell in New York, and is a member of their Management Committee.
Walter Joseph "Jay" Clayton III is an American attorney who served as the chairman of the U.S. Securities and Exchange Commission from May 4, 2017 until December 23, 2020. He was nominated for the position by President Donald Trump.
Heath Price Tarbert is an American lawyer and former government official who served as the 14th Chairman of the Commodity Futures Trading Commission (CFTC) from 2019 to 2021. He previously served as Assistant Secretary of the Treasury for International Markets and Development and as acting Under Secretary of the Treasury for International Affairs. As of 2023, he is Chief Legal Officer and Head of Corporate Affairs for Circle.
Brent James McIntosh is an American attorney who served as Under Secretary of the Treasury for International Affairs from 2017 to 2019. He previously served as General Counsel of the United States Treasury. Prior to his government service, McIntosh was a partner at Sullivan & Cromwell and was co-head of the firm's cybersecurity practice. Mcintosh is now Citigroup's Chief Legal Officer & Corporate Secretary.
Thomas A. Russo is an American attorney and former Wall Street executive. He was vice chairman and chief legal officer of Lehman Brothers and general counsel for American International Group (AIG), two of the companies that played a major role in the 2007–2008 financial crisis.
Joseph "Joe" C. Shenker is an American attorney. He is Senior Chair and a partner of Sullivan & Cromwell in New York, and is a member of their management committee.
