Arent Fox Senior Policy Advisor Byron Dorgan was quoted in a July 26 Bloomberg article discussing banking legislation, including the Gramm-Leach-Bliley Act, which repealed the 1933 prohibition (the Glass-Steagall Act) against federally insured depository institutions combining with securities firms and insurers.

Bloomberg reported:

Former US Senator Byron Dorgan, a North Dakota Democrat who warned in 1999 that repealing Glass-Steagall could lead to “massive taxpayer bailouts” in 10 years, said in a telephone interview that the so-called firewalls that exist between regulated banks and affiliates are like “tissue paper.”

“It’s just absurd for anybody now to make the case that having these entities under the same corporate umbrella doesn’t pose substantially greater risk,” said Dorgan, who retired from the Senate in 2011 and is a senior policy adviser at law firm Arent Fox LLP.

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