Congress -- are generally thought to implement the policy of separating banking and commerce, the opposite is true. In fact it is not overstating the case to say that these bills eviscerate the separation principle.

For those of us who have argued for years that the only worthwhile banking "reform" legislation was a single sentence -- "the Glass-Steagall Act and the Bank Holding Company Act are hereby repealed" -- this is a delicious irony.

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