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October 18, 2010 at 6:00 PM

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Reichert says not familiar with Glass-Steagall Act

Posted by Nicole Tsong

The Glass-Steagall Act was repealed before U.S. Rep. Dave Reichert entered Congress, but it's been a hot topic this year due to the debate over the financial regulatory overhaul.

The Depression-era legislation, which put a firewall between investment firms and commercial banks, was repealed in 1999, but Sens. Maria Cantwell and John McCain, R-Ariz., proposed reinstating the law by amending the financial reform legislation.

But on Saturday at a candidate forum in Newcastle, Reichert professed that he was "not familiar" with the legislation. Here's a short video of the interaction.

Reichert spokesman Darren Littell said in response to the video, "The congressman continues to focus on working to create jobs, keep taxes low and reduce wasteful government spending."

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