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Phil Gramm

Hillary's Glass-Steagall mistake

Hillary's Glass-Steagall mistake

Hillary Clinton recently noted that too many of America's major financial institutions are still too complex and too risky, and she promised to offer plans to rein in excessive risks on Wall Street.

Well and good. But apparently she won't propose reinstating a bank break-up law known as the Glass-Steagall Act. "You're not going to see Glass-Steagall," said her economic adviser, Alan Blinder.

This is a big mistake.

It's a mistake politically because people who believe Ms. Clinton is still too close to Wall Street will not be reassured by her position on Glass-Steagall. Many will recall that her husband led the way to repealing Glass Steagall in 1999 at the...