"The law banned commercial banks from underwriting securities, forcing banks to choose between being a simple lender or an underwriter (brokerage)" (PBS.org. N.D. PP. 1). The legislation was a direct response to the late 1920's Wall Street binge years in which "financial mismanagement and elite corruption ruined banks and destroyed public faith in American finance" (Departments. Washington.edu. N.D. PP. 1). Financial Services Modernization Act

The repeal of Glass-Steagall in 1999 was not a one- time event; in reality the law had been chipped away at for decades prior. Decisions regarding product and service offerings for financial institutions (checking and interest bearing accounts), bank-holding company statutes, and financial institution underwriting guidelines all eroded the fundamental basis of Glass- Steagall as a protective barrier against money center financial influence.

Enter in Sandy Weill in 1998-1999 and the final dagger to the heart of Glass-Steagall...

(PBS.org. N.D. PP. 1)
Following the merger announcement Weill and the financial services industry spend millions to influence Congress to repeal Glass- Steagall, because the 1933 legislation's rules "were implemented precisely to prevent this type of company: a combination of insurance underwriting, securities underwriting, and commercial banking" (PBS.org. N.D. PP. 1).

In late November of 1999, President Clinton signs the House- Senate bill which ushers in a new era of financial institution global activity.

Today, Congress voted to update the rules that have governed financial services since the Great