Congress Aims to restore depression-era Glass-Steagall Act that split investment-banking from lending and deposit-taking, passed in 1933 after speculative activities by many banks brought the system close to collapse, and repealed in 1999 by Pres Clinton with Gramm-Leach-Bliley Act. Repeal allowed the creation of Citigroup Inc., the financial colossus now propped up by $45 billion in taxpayer rescue funds. Lawmakers are considering breakup proposals after outrage of $700 billion rescue of firms including Citigroup, Bank of America Corp. and American International Group Inc.
