The Glass-Steagall Act, the Depression-era law repealed by President Clinton that separated investment banking from lending and deposit practices, may once again see the light of day. Congress has been considering break-up proposals since the near-destruction of financial giants like Citigroup and AIG put the global economy into jeopardy, bringing a swarm of lobbyists from major banks to the Hill, according to Bloomberg. The possibility of such action could put yet another damper on the already strained Wall Street-Washington relationship.

These days, Financial services giants seem to have higher stakes in Washington than in any financial market--which brings us to Wall Street's political contributions. They're significantly lower than those of the last election, and the one before that. A New York Times article suggests banking execs are doing this to ensure they stay clear of public scrutiny, which makes sense, given the rage that followed bonuses and the consequent wrath of "pay czar" Kenneth R. Feinberg.

If nothing else, lower contributions might simply indicate a grudge--Obama has been somewhat hard on Wall Street--but the pecuniary relationship between Wall Street and Washington runs much deeper. A report by The Center for Responsive Politics highlights the inherently suspect nature of political contributions made by TARP recipients, citing the corollary relationship between the largest 2008 contributions and the allocation of TARP funds. A Newsweek article also suggests that TARP funds may have literally been recycled back into political contributions early this year, though several members of the house had pledged to stop taking contributions from recipients.

Whatever the case may be, it's safe to say that old ties may be experiencing some kind of shake-up, and that the passing of a new and improved Glass-Steagall Act could put them to the test.