Underwriting had collapsed, and banks were more than ready to get out of the securities business. The Glass-Steagall separation of commercial and investment banking simply validated a transition that was already underway.
在某些问题上，改革者推的是一扇已经打开的门。国民城市银行和大通银行（Chase National Bank）在此前已经宣布正在遣散其证券业务部门。承销业务早已崩溃，而银行也迈出了脱离证券业务的脚步。《格拉斯—斯蒂格尔法案》的商行、投行分业新规，只不过是认可了已有苗头的一种变迁。