The Glass-Steagall Act of 1933 was a Depression-era law that separated investment and commercial banks. It was repealed in 1999 during the Clinton administration.
JPMorgan's large trading losses affirm the need for Wall Street oversight, the White House said on Monday, declining to comment on the specifics of the case while the U.S. Securities and Exchange Commission investigates it.
From Usher debuting his new songs to Will Ferrell as the guest host reprising his role as George Bush, Saturday Night Live (SNL) on May 12 was memorable, namely for the Justin Bieber, Michael Bolton and Natalie Portman cameo in the 100th Digital Short with Andy Samberg. Here is a recap of some of the best sketches from the Saturday, May 12 episode along with videos.
Speaking to the press and public in Iowa on Friday, Senator Rand Paul (R-Ky.), spoke out against President Barack Obama, who announced on Thursday that he believes same sex couples should be able to get married.
In a vote that solidifies the Republican Party's economic platform heading into the 2012 election, the House voted on Thursday to reverse mandated cuts to the Pentagon by slashing social assistance programs that largely benefit poor Americans.
Edward Klein's unauthorized biography contains several alleged, bombshell revelations.
President Barack Obama declared his support for gay marriage on Wednesday in an interview with ABC News. Less than 24 hours later, online denizens have slowly started developing memes surrounding POTUS's evolution on the issue.
President Obama will get the opportunity to re-voice his support for same-sex marriage at top-dollar fundraisers with George Clooney Thursday night in Los Angeles and Ricky Martin in New York City Monday, the former which is expected to rake in millions of dollars.
On Wednesday, ABC news anchor Robin Roberts say down with President Barack Obama for an historic interview. For the first time, Obama affirmed his evolved position on one of America?s most controversial issues. Read the full transcript here, courtesy of ABC.
Here, he asks about the automobile industry.
Russian President Vladimir Putin Thursday called off a much anticipated visit to the US where he was to join the other world leaders in a key summit of the Group of Eight (G8) industrial nations and meet with US President Barack Obama, the Kremlin announced, citing domestic concerns as the reason behind the change of plans.
The Federal Aviation Administration is being urged to implement stronger oversight of air safety after officials found several safety rules violations on the part of air traffic controllers in New York.
Law enforcement officials have begun a leak investigation into how information about the Yemen bomb plot operation went public, according to NBC News.
Keith Judd, a.k.a. Inmate No. 11593-051, is currently serving a 17-year sentence at the Beaumont Federal Correctional Institution in Texas. He also won 41 percent of the votes in West Virginia's presidential primary on Tuesday, compared to 59 percent of the vote won by President Barack Obama.
Count President Obama, First Lady Michelle and Sasha and Malia as fans of the American illustrator and author who died Tuesday.
Sofia Vergara is now back on the market after splitting up with Nick Loeb, her boyfriend of two years. The 39-year old Colombian beauty attended Monday night's Metropolitan Museum of Art's Costume Institute Gala alone, after breaking up with Loeb over the weekend, reports The New York Post.
Rep. Peter King, chairman of the House Homeland Security Committee, on Tuesday called for a review of how the government informs the public about top-secret information, in the wake of the discovery of an al-Qaeda plot to use a new version of an underwear bomb to bring down an airliner.
A new poll out Tuesday finds that half of Americans support legal recognition of gay marriage. It's the second year in a row that more Americans favor than oppose the idea in the Gallup poll.
Munter wasn?t viewed as a ?good fit? for the Pakistan job.
In contrast to President Obama, the chairman of the Democratic Caucus said House Democrats overwhelming support same-sex marriage.
In another public effort to pressure Congress to act, President Obama plans to release a five-point list of legislative proposals favored by the White House.
FBI experts are now in possession of an unexploded bomb al Qaeda assembled with the intention of blowing up a United States-bound airliner