Perhaps the time has come to re-think the repeal of the Glass-Steagall Act which created barriers between commercial banking and investment banking?

Here’s the how the final vote went for the Gramm-Leach-Bliley Act, which President Bill Clinton signed into law in 1999, and which several economists and politicians are pointing to as a cause of the financial meltown late last year.  As Dealbook notes, AIG and Citigroup would not have run into trouble but for the repeal of Glass-Steagall.

In the Senate, Blanche Lincoln (D) voted against the bill; Tim Hutchinson (R) voted for it. In the House, all four Arkansas congressman (2 Democrats, 2 Republicans) voted in favor of the bill.

With then-Texas Sen. Phil Gramm (of “whiner” fame) as the lead sponsor, the virtue of the bill automatically comes into question. At least Ms. Lincoln recognized it.

And I wish President Barack Obama would act on his campaign rhetoric on the subject.