President Bill Clinton signs the Gramm-Leach-Bliley Act (Financial Services Modernization Act) into law on November 12, 1999, repealing key provisions of the Glass-Steagall Act of 1933 that separated commercial banking from investment banking and insurance. The Senate passes the final bill 90-8 on …
Phil GrammJim LeachThomas J. Bliley Jr.Bill ClintonRobert Rubin+4 morederegulationregulatory-captureneoliberalismbanking-deregulationfinancial-crisis-precursor+3 more
Citicorp CEO John Reed and Travelers Group CEO Sanford Weill announce on April 6, 1998, the merger of their companies to form Citigroup, a $140 billion conglomerate combining banking, securities, and insurance services under brands including Citibank, Smith Barney, Primerica, and Travelers. The …
Sanford WeillJohn ReedCiticorpTravelers GroupFederal Reserve+3 morederegulationregulatory-captureneoliberalismbanking-deregulationcorporate-power+2 more
President Clinton signs the Riegle-Neal Interstate Banking and Branching Efficiency Act, removing Depression-era restrictions that prevented banks from operating across state lines. The law enables massive consolidation in the banking industry, with the number of commercial banks declining from over …
President Bill ClintonSenator Donald RiegleRepresentative Stephen NealAmerican Bankers AssociationNationsBank+1 morebanking-deregulationhousing-policyconsolidationregulatory-capturehousing