Brokers threatened by run on shadow bank system


By 1999, the Gramm-Leach-Bliley Act rolled back Depression-era restrictions,
allowing banks, brokerage firms and insurers to merge into financial holding
companies that would be regulated by the Fed.

The Fed has lent
$8 billion and more than $30 billion each week directly to brokerage
firms since
it set up its new program in March. Most experts say this source
of emergency
funding is unlikely to disappear, even though it's scheduled to end in September.

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