The wall created by the Glass–Steagall Act to separate commercial banks from securities firms and insurance companies has eroded significantly over time. The recent passage of the Gramm–Leach–Bliley Act removes its last vestiges, leaving the financial services industry braced for another round of innovation.
Suggested citation: "Banking Legislation," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-01, pp. 17, 01.01.2000.