Glass Stegall Repeal Act (Gramm-Leach-Biley Act)

Nothing defines members of congress more accurately than how they vote on key issues. Far more often than not, you’ll find Tom Udall’s votes on the “wrong” side of important bills! Reference supporting article links below.

What This Bill Does:

This bill REPEALED an old existing protection for banks and banking customers that made banks stick to being banks and investment houses stick to being investment houses. When you put your money into a local bank you knew they would not be gambling in stocks with your money or making huge loans to shadowy figures. This was a closely contested bill with opponents stating that passing this bill would lead to banks getting too big too fail, banks taking unnecessary risks with depositors money, and banks failing and pulling down the entire economy. Obviously, this is what happened.

What Vote Aids Middle America: “No”

Americans want viable local banks that serve their community. They want to be able to borrow money and want to know the person they do banking with. Americans put their money in a bank to be safe, not taken to the Wall Street casinos and lost at the crap tables.

What Tom Udall Voted: “Yes”

Tom Udall has never addressed this vote and has never publicly taken responsibility for the mistake which contributed greatly to the 2008 financial meltdown from which we still have not recovered.