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TechTank: Congressman David Cicilline on Why We Need a Glass-Steagall Act for the Internet

In 1932, Senator Carter Glass and Congressman Henry Steagall joined forces to pass a new banking law that divided investment from commercial banking. They argued there was an inherent conflict of interest in banks performing both activities and that it was harmful to consumers. As we move into the digital world, there are firms that perform a number of different business functions and there are questions whether this hurts consumers and creates unfair advantages for particular firms.

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