Clinton signs Gramm-Leach-Bliley Act repealing Glass-Steagall barriers

President Clinton signed the Financial Services Modernization Act of 1999, repealing parts of the 1933 Glass-Steagall Act that had separated commercial banking, investment banking, and insurance. The Senate passed the bill 90-8 and the House 362-57 on November 4, 1999. Citigroup, Travelers, and other firms could now combine deposit-taking, securities underwriting, and insurance under one corporate roof.