(Source: Business Wire)ThisThursdaymarks the 10-year anniversaryof a milestone in financial deregulation:the repeal of the Glass-Steagall Act of 1933.The Act, amongother critical banking reforms, prevented bank holding companies from owning other financial institutions. On November 12, 1999, after decades of deregulation across the banking sector, this provision was repealed by the Gramm-Leach-Bliley Act. This capstone of deregulation removedthe finalprotectionsblockingcommercial banks from engaging inthe excessive speculation and riskyinsuranceand derivativeproducts that led to the marketand debtbubble of the 2000sand eventually,last fall'snear-collapse of the banking industry,now bolstered by trillions of dollar of federal subsidies.

On November 10, 2009, the national public policy center Demos will hold a press teleconference briefing to addresstoday's dire need for thecrucial banking and consumer protection reforms ushered in by Glass-Steagall, how its repeal helped lead todangerous consolidation of the industry andthe reckless practicesthat fueled the recent banking crisis, and offer a policy reform plan to protect the US household economy and prevent a future financial industry collapse.

Thepress teleconference call will occur a week after the announcement that the U.K. will spin off divisions of the largestbanks that received bailouts, and at a time when increasing numbers offinancial industry experts and elected officials are calling for similar reforms in the U.S.

WHEN:

*Tuesday, November 10, 2009

*12:00 PM EST until conclusion of Q&A

CALL INFORMATION:

* US/Canada Dial-in #: (888) 491 - 8283

* International #: (281) 540 -- 4975

*Conference ID:40451536

WHO:

--Tamara Draut, Vice President of Policy and Programs at Demos (Moderator)

--Heather McGhee, Director, Demos' Washington DC Office

--Nomi Prins, Demos Senior Fellow and author of "It Takes a Pillage: Behind the Bailouts, Bonuses and Backroom Deals from Washington to Wall Street"

Please RSVP to Timothy Rusch, Demos, (212) 389-1407 ortrusch@demos.org(email preferred)

Copies of a background briefing on the history of Glass-Steagall and an outline for future reform, as well as a comprehensive bank bailout tally, will be available atwww.demos.org.

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