The Congress is crafting the deepest overhaul the banking industry has seen in US in 80 years. After 1930, there has not been such major changes or analysis done of the activities and trends in the banking sector.
Moreover, the market observers and banking analysts are of the view that the current wave of reforms will prove more useful than any other reform which was introduced in last 2 years did. Efforts are still ripe to buoy the sinking US Banking industry from recession. The historians and various authorities on the history of Banking sector regulations and reforms in the country are expecting the current reform bill to end the financial crisis in the banking sector to a major extent.
The new legislation though departs from the central goal set by the lawmakers in 1930. The goal was to control, check and regulate the size of the corporations scope of the large scale financial institutions. But the current legislation does nothing to control, check or regulate the size and operations of JP Morgan or Citibank or other large scale financial institutions.
Back in 1930, after the Great Depression, the lawmakers had adopted this central goal to ensure that the customer deposits would not be accepted or used for risky and speculative purposes. All these goals and principles were drafted under the Glass-Steagall.
The government regulation of Wall Street had actually begun after the financial crisis of 1929 and various laws were passed to control the financial structure in the country.
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