In 1933, the Glass-Steagall Act mandated that investment and commercial banks must be legally separated - a bank could not engage in both investing and commercial banking activities. This requirement was repealed in 1999 by the Gramm-Leach-Bliley Act. There have been multiple efforts to reinstate Glass-Steagall inspired regulation since 2009.

What are the pros and cons of the Glass-Steagall Act? Do you think that that commercial and investment banks should be legally separated?

(Please make sure to cite the sources you consult.)