Page "Glass–Steagall Act" Paragraph 234

Congressional and bank regulator efforts to “ repeal ”, “ reform ” or apply Glass-Steagall were based on isolating a commercial banking firm ’ s expanded securities activities in a separately capitalized bank affiliate.

Much of the debate concerned whether such affiliates could be owned by a bank ( as with “ operating subsidiaries ” in the 1990s ) or would be bank holding company subsidiaries outside the chain of bank ownership.

In either case, “ firewalls ” were intended to isolate the bank from the affiliate.