Repeal of The Glass-Steagall Act
Provisions of the Glass-Steagall Act that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm–Leach–Bliley Act.
The repeal of the Glass–Steagall Act of 1933 effectively removed the separation that previously existed between Wall Street investment banks and depository banks. Some political commentators on the American political left have claimed that this repeal directly contributed to the severity of the Financial crisis of 2007–2010, but government reports and academic analyses of the crisis largely reject this claim.
Read more about this topic: Banking In The United States
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