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Bring Back Glass-Steagall Curbs for Banks: Bogle
March 2, 2010
The government should restrict bank actitivities far more than proposed under the so-called Volcker plan, which would prevent banks from investing for their own accounts, John Bogle, founder of mutual fund giant Vanguard Group, told CNBC on Tuesday.
“I would be cheering for the return of the Glass-Steagall Act,” Bogle said, referring to the Depression-era law that banned banks from owning brokerage firms and other financial firms, among other restrictions. “It’s pretty much common sense that if you’re in the business of taking deposits, you shouldn’t be speculating on your balance sheet.”
Bogle also called for higher capital requirements for banks and stringency on the kinds of assets allowed on balance sheets. Meanwhile, the concentration of bank assets due to the rise of mergers over the last two years, is leading the country in the wrong direction, he said.
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