Claim 04f0e3efChecked 09 Jul 2026
TrueOn the truth scale
“Politicians changed the rules.”
Reasoning & Evidence09 Jul 2026
True. In the United States, Congress passed the Gramm-Leach-Bliley Act in 1999, and the bill text states that it amended the Banking Act of 1933 (Glass-Steagall) to repeal key prohibitions on affiliations between commercial banks and securities firms. In the United Kingdom, the incoming government announced in 1997 that banking supervision would be transferred from the Bank of England to a new regulator, and Parliament later described banking regulation as being transferred to the FSA under the Bank of England Act 1998. So, at least in these major examples, politicians did change the rules. Sources: Congress.gov, S.900 — Gramm-Leach-Bliley Act; Federal Reserve History, Financial Services Modernization Act of 1999 (Gramm-Leach-Bliley); Bank of England, "Changes at the Bank of England"; UK Parliament Hansard, "Bank Regulation"; House of Commons Treasury Committee, Third Report.
From article
But they were allowed to. Who let them do it? Moronic politicians, who changed rules we’d had for seven decades. Take America – [Alan] Greenspan got rid of the Glass-Steagall Act.5The Banking Act of 1933, which separated investment banking from commercial banks. Its effectual repeal in 1999 allowed Wall Street to gamble with money deposited in commercial banks. Look what that moron [Gordon] Brown did! He took away control of the banking industry from the Bank of England and gave it to a bunch of tick-box bureaucrats at the [Financial Services Authority]. Catastrophic, catastrophic errors of judgement!
Sources opened+ 32 search hits considered
| [1] | bankofengland.co.uk |
| [2] | publications.parliament.uk |
| [3] | congress.gov |