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Hillary Clinton’s Senate Run “Likely” Contributed To Repeal Of Glass-Steagall

- February 11, 2016

Hillary Clinton's Decision To Run For Senate In New York "Likely" Contributed To The Clinton Administration's "Steady Interest" In Repealing Glass-Steagall. "The steady interest of the Clinton administration under Treasury Secretary Robert Rubin and then Lawrence Summers in pursuing bank reform legislation the interest of Gene Sperling, domestic economic policy adviser, and others at the White House in maintaining CRA rules in the context of bank reform and the likely constituency interests in the state of New York where First Lady Hillary Clinton is running for the U.S. Senate, all contributed to administration leadership on this bill." (Timothy McTaggert, "Financial Services Modernization Legislation: One For The Century, If Not For The Ages," Bank Accounting And Finance, Winter 1998)

"The Financial Interests That Dumped More Than $300 Million Into The Passage Of This Bill … [Were] Essential To Hillary Clinton's U.S. Senate Campaign." "Clinton uttered some vague promises about backing stronger privacy protection in the future, but the broad smile on his face as he signed this giveaway to Wall Street made his priorities all too clear. The financial interests that dumped more than $300 million into the passage of this bill - the most expensive lobbying effort in history - are essential to Hillary Clinton's U.S. Senate campaign. No one gets elected from New York who doesn't play ball with Wall Street interests. That is why New York Democratic Sen. Charles E. Schumer, a big Hillary backer, so strenuously lobbied Clinton to sign this law." (Robert Scheer, "Clinton Caves In To The Banks On The Privacy Issue," The Denver Post, 11/18/99)

At The Time, Sen. Phil Gramm (R-TX) Made It Clear That He Thought The Clinton Administration Would Never Veto A Financial Services Deregulation Bill While Hillary Ran For A Senate Seat In New York. "In later meetings with White House aides, the Senator [Phil Gramm] made clear that he thought Mr. Clinton would never veto a financial services bill just as Hillary Rodham Clinton was preparing to run for the Senate in New York, whose biggest industry is Wall Street." (Stephen Labaton, "Deal On Bank Bill Was Helped Along By Midnight Talks," The New York Times, 10/24/99)

Following The Release Of A Draft Version Of The Gramm-Leach-Bliley Bill, Former Rep. Thomas Bliley Jr. (R-VA) Indicated That Clinton Was Not "Interested In Alienating Wall Street" During Her Senate Campaign. "On the Community Reinvestment Act, Gramm appears to have had all of his concerns met: In addition to winning inclusion of his 'sunshine' provision requiring disclosure of CRA agreements, the mark contains no civil monetary penalties for banks out of compliance with the CRA. Moreover, the bill requires a financial holding company to have, but not 'maintain,' a satisfactory CRA rating. Gramm sidestepped a question on whether the White House would accept that omission, turning the subject back to the 'opsub' fight - which Gramm depicted as the seminal issue before the conference as far as the Clinton administration is concerned. Earlier, at a U.S. Chamber of Commerce breakfast, Bliley expressed confidence the White House is unlikely to veto any bill merely over its opsub language. Bliley suggested that neither First Lady Hillary Rodham Clinton nor Vice President Gore is interested in alienating Wall Street at this stage of their campaigns." (Pamela Barnett, "Gramm, Leach, Bliley Release Draft For Banking Markup," National Journal, 10/12/99)


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