Art Wilmarth is Professor Emeritus at The George Washington University Law School and author of Taming the Megabanks: Why We Need a New Glass-Steagall Act. The book traces the evolution of the US banking sector from the late 19th century to today, and demonstrates that universal banks were at the center of the great Depression and the Great Recession of 2007-09. In this episode, Art makes the case for reestablishing a clear structural separation between banks and the capital markets and for prohibiting nonbanks from issuing short-term financial claims, like money market mutual funds, that function as deposit substitutes.