Dear Democracy Now! Visitor: We are an independent, ad-free daily news program that serves millions of viewers and listeners each month. In this US election year, Democracy Now! is more important than ever. For 20 years, we’ve put a spotlight on corporate and government abuses of power. We lift up the stories of ordinary people working to make change in extraordinary times. We do all of this with just a fraction of the budget and staff of a commercial news show. We do it without ads, corporate sponsorship or government funding. How is this possible? Only with your support. A generous funder will match your donation dollar for dollar if you donate right now. That means when you give $10, your donation will be worth $20. Pretty exciting, right? So, if you've been waiting to make your contribution to Democracy Now!, today is your day. It takes just a couple of minutes to make sure that Democracy Now! is there for you every day.

Your Donation: $

Congress Takes Up Overhaul of U.S. Banking Laws

October 27, 1999

Congress is expected to vote this week on whether to overhaul the nation’s banking laws, which have been in place since the Depression. Supporters of the revisions note the amount of choice that would be provided to the consumer: for the first time, insurance companies, brokerage houses, banks and credit card companies would be allowed to merge under one roof, providing the customer with one-stop shopping for their financial services needs.

However, critics say that if it passes, the legislation would allow these companies to share all of the private information they have compiled on customers, creating a serious concern about privacy and unchecked corporate advantage.

The Clinton administration has pushed for this overhaul, aided by Clinton’s former Treasury Secretary Robert Rubin, who was a big proponent of the new measures before he resigned his post in May of this year. And just yesterday, Rubin announced that he was taking a top position at Citigroup, the nation’s largest financial services company. Although he supported the legislation, Rubin said that this had nothing to do with his decision to take a job at what has become the first true American financial conglomerate since the Depression.


  • Ralph Nader, consumer advocate.

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.