after the 1933 Banking Act became law Roosevelt "claimed full credit, to the amusement or outrage of contemporary and hindsighted observers". Roosevelt's concerns with the 1933 Banking Act were not tied to what later became known as the "Glass–Steagall" separation of investment and commercial banking. The 1932 Democratic Party platform provisions on banking (drafted by Senator Glass) called for that separation. In a campaign speech Roosevelt specifically endorsed such separation. In 1935 President Roosevelt opposed Glass's effort to restore national bank powers to underwrite corporate securities. Roosevelt confirmed to Glass in March 1933, that he supported the separation of commercial and investment banking, although Treasury Secretary Woodin feared that prohibiting bank underwriting of securities would "dampen recovery". Accounts describing 1933 Banking Act as New Deal legislation Despite the Congressional origins of, and President Roosevelt's lack of support for, the 1933 Banking Act, many descriptions of the New Deal or of the 1933 Banking Act refer to the Act as New Deal legislation. In the prologue to his classic account of the New Deal, Arthur M. Schlesinger Jr. suggests Felix Frankfurter and his colleagues were the source for the 1933 Banking Act (along with the Securities Act of 1933) in the tradition of "trust-busting liberalism". In that book's later brief description of the 1933 Banking Act, however, Schlesinger does not mention Frankfurter and focuses on the role of the Pecora Investigation and opposition to deposit insurance, including from Roosevelt, in the debate over the legislation. The Commerce Clearing House explanation of the Gramm-Leach-Bliley Act quoted Roosevelt as calling the 1933 Banking Act "the most important and far-reaching legislation ever enacted by the American Congress." Roosevelt made that statement about the National Industrial Recovery Act on the same day he signed the 1933 Banking Act. Glass–Steagall provisions and the Pecora Investigation Many descriptions of the 1933 Banking Act emphasize the role of the Pecora Investigation in creating a public demand for the separation of commercial and investment banking. Some accounts even suggest those Glass–Steagall provisions were created in response to the Pecora Investigation. National City Bank (predecessor to Citibank) was the only commercial bank examined by Ferdinand Pecora before the 1933 Banking Act became law in June 1933. After the National City hearings ended on March 2, 1933, the Pecora Investigation resumed in May 1933, with the examination of "private bankers", covering J.P. Morgan & Co., Kuhn, Loeb & Co., and Dillon,