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On November 5, 1999 Summers hailed the passage from the repeal: "Now Congress voted to update The foundations that have ruled financial providers Because the Excellent Melancholy and exchange them that has a process with the twenty first Century. This historic legislation will improved permit American organizations to contend in the new economic system." Browse the statement right here.
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Summers helped negotiate the World Trade Group's Economical Products and services agreement that opened global markets to derivatives along with other money goods and manufactured it more durable for signatory nations to regulate banking in the general public fascination. Within the WTO arrangement, which was negotiated powering shut doorways, The us successfully pledged to eliminate the 1933 Glass-Steagall law, which was witnessed as a barrier to market place entry by lots of overseas banking institutions that were structured differently.
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