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Summary: The Gramm-Rudman-Hollings Act

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Summary: The Gramm-Rudman-Hollings Act
Due to the financial situation of the United States of America, the amount of debt could send the entire globe into a recession greater than any other in history. If for any reason our economy were to crumble, it would be in our best interest to implement a regulatory system in order to keep out financial industries in check. When the Gramm-Rudman-Hollings act was passed, it “allowed banked allowed banks to engage in trading profitable derivatives that they sold to investors. These mortgage-backed securities needed mortgages as collateral. The derivatives created an insatiable demand for more and more mortgages.”[1] Prior to this bill being passed, ”The Community Reinvestment act incentivized banks to give out subprime loans for one hundred
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