Gramm–Leach–Bliley Act
The act is "often cited as a cause" of the 2007 subprime mortgage financial crisis even by some of its onetime supporters. President Barack Obama has stated that GLBA led to deregulation that, among other things, allowed for the creation of giant financial supermarkets that could own investment banks, commercial banks and insurance firms, something banned since the Great Depression. Its passage, critics also say, cleared the way for companies that were too big and intertwined to fail.
Signed into law by President Bill Clinton on November 12, 1999