Byron Dorgan

In 1999 on the eve of passage of the Gramm-Leach-Bliley Act, Senator Byron Dorgan, D-ND, addressed the Senate and warned of the dangers we might face in the future as a result of the legislation. As Skymutt points out in his piece at DailyKos, we were in the throes of an economic boom at the time. Republicans pushed to approve legislation to deregulate the financial services industry - specifically to repeal part of the Glass-Stegall Act of 1933 which prohibited banks from offering insurance, investment and commercial banking services. It wasn't wisdom that led these Senators to pass this legislation, it was greed.