A revised Glass-Steagall Act is essential for functioning, safe banking

Economists, investors, and business executives alike certainly hope there's progress on a variety of fronts -- fiscal stimulus, trade, banking regulation -- at the G-20 summit. Regardless of that progress, though, the United States should move forward with one critical reform: re-regulating the banking sector.

In the vernacular of the day, the U.S. has to pass more-effective regulations, but the nation can start with a tried-and-true formula -- re-enact the Glass-Steagall Act.