The Glass Steagall bill was government regulation that separated commercial and investment banking.
Commercial Banks, are a financial institution that provides financial services, such as accepting deposits, and issuing loans, mortgages for homes car loans etc.
Investment banks provide services to individuals, corporations, and governments, such as raising financial capital.
Security firms provide transaction services related to financial investments. A financial investment is an asset you put money into, in order to appreciate. Typical financial investments, are CDs and bonds that pay interest to the owners.
The Glass Steagall act was enacted by congress in 1933, in response to over 5000 banks in the U.S. going bankrupt. It prohibited commercial banks form engaging in investment banks and security services. The theory was that investment banking and security services is what caused the commercial banks to go bankrupt.
In the 1960s congress started allowing commercial banks to reengage in security bank services, but not investment bank services. Many argued at that point that Glass Steagall was dead. But it was not until 1999 that President Bill Clinton and congress agreed to repeal Glass Steagall all together. So why would such a conservative anti regulation president like Donald Trump want to restore such a big government regulation. Err-go The great conservative hypocrisy. Conservatives believe what works in the private sector will work even better in governing. So they have chosen to follow the lead of one the greatest start up company’s of all time, Google. Google has sepeerated its company to Alphabet Google and a Moonshot company, Moonshots are gentrified crap, like internet reading glasses and Project Loon, an internet providing balloon to rural and remote areas. What happens is by separating the companies there is unlimetd money to finance these long shots. The losses are huge, but companies like Google can afford to lose big.
Investment banks will be able to fund big losers like Donald Trumps Billion dollar bankrupt casinos, creating jobs in the shorter term and a boost to the economy in the short term but ultimately filing bankruptcy. The conservative theory is liquidation is an artery to free enterprise. Wealthy investors will come out on top. Just like Donald Trump said, he did very well on his bankrupt casinos, because conservatives are great at privatizing gains and socializing losses. The more crap that is funded the more chance there is something will work. What doesn’t work will go on the auction block for pennies on the dollar, ultimately benefiting another wealthy investor. When the losses become to much for investment banks to handle the government will bail them out. More money to big business and large wealthy investors and a lot less for entitlement programs like universal health care and Social Security
That is the core of the great conservative hypocrisy.