The Glass–Steagall Act, also know as the Banking Act of 1933.
This act separated commercial and investment banking.
Some History
President Bill Clinton publicly declared “the Glass–Steagall law is no longer appropriate.”
The Gramm–Leach–Bliley Act repealed the Glass–Steagall Act.

During debate in the House of Representatives, Rep. John Dingell (Democrat of Michigan) argued that the bill would result in banks becoming “too big to fail.” Dingell further argued that this would necessarily result in a bailout by the Federal Government, and he was right.

The repeal of the Glass–Steagall act in 1999 was a bi-partisan vote and was passed by the Senate 90–8 (52 Republicans and 38 Democrats, 10 did not vote), and by the House 362–57 (Republicans voted 207–5 in favor with 10 not voting. Democrats voted 155–51 in favor, with 5 not voting). The legislation was signed into law by President Bill Clinton on November 12, 1999.