FORTUNE -- When banks behave badly, leave it to the Glass-Steagall Act to save the day.
Such has been the mantra in the years following the 2007-2008 financial crisis -- the latest fromU.S. senators Elizabeth Warren (D-MA.) and John McCain (R-AZ). The Depression-era law prevented commercial banks from also taking on business ordinarily done at investment banks. Its repeal in 1999 has been blamed for encouraging risk and greed and much that's wrong on Wall Street; without Glass-Steagall, banks got bigger, and over the years, 'too big to fail.'
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