By IntheMoneyStocks on January 27th, 2010 10:42pm Eastern Time
Stock futures climbed on all the major indexes as the President of the United States delivered his first 'State of the Union' address of the year to Washington and the American people. The President did mention a tax on the large banks to repay the tax payers for the bank bailouts last year. However, he did not mention the new rules that would be implemented to the large banks that are similar to the former Glass Steagall Act of 1933.
The former Glass Steagall Act of 1933 was a legislative safeguard designed tp prevent commercial banks from engaging in investment banking activities; also authorized deposit insurance. The Glass Steagall Act of 1933 was repealed in 1999 in a bi-partisan vote by the Senate and the House of Representatives and signed into law under President Bill Clinton.
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