11 To oppose the Glass-Stegall Act, banks argued that they

1. Would be forced to extend deposit insurance coverage to firms which were not banks.
2. Would have a conflict of interest between their needs to underwrite stocks and to serve their customers.
3. Could gain greater monopoly power by lending only to big businesses.
4. Could take advantage of economies of scale if they were able to underwrite securities and sell them directly to their customers.