“Roosevelt’s attack on the “money power” won broad support. The years of depression, the 1933 banking crisis, and a recent Senate investigation of Wall Street had made financers a target of national outrage. Most hated was J. P. Morgan & Co., the monarch of Wall Street, which for years had functioned as a virtual wing of the U.S. government and which embodied the most exclusive White Protestant elitism. Along with workers and farmers, many industrialists, too, damanded an end to the deflationary policies identified with international banks, especially Morgan. They endorsed Rooselvelt’s decision to increase the money supply by taking the dollar off the gold standard. At the same time, many non-Morgan bankers saw these attacks as an opportunity to weaken their most powerful competitor. Morgan was the chief victim of several banking laws passed during this period, especially the 1933 Glass-Steagall Act, which separated investment banking from commercial banking.”
Chip Berlet & Matthew Nemiroff Lyons (2000): “Driving Out the Money Changers: Fascist Politics in the New Deal Era”, in Right-wing populism in America: too close for comfort, The Guilford Press, New York, 2000, p. 123.