Glass-Steagall Repealed — Deregulating the Line Between Banking and Speculation

The Gramm-Leach-Bliley Act repealed the core of the 1933 Glass-Steagall Act, removing the wall between commercial banking, investment banking, and insurance that had stood since the Great Depression. Whether the repeal directly caused the 2008 financial crisis is genuinely disputed among economists — Clinton himself later argued it had "nothing to do" with the crash — but it was part of a deliberate deregulatory current that allowed the too-big-to-fail institutions of 2008 to exist in their eventual form.

Bill Clinton — Democratic Party

In power 1993–2001