The Grahm-Leach-Bliley Act of 1999, officially the Financial Services Modernization Act of 1999, overturned the provisions of the Banking act of 1933 and allowed commercial banks, investment banks, securities firms, and insurance companies to merge or consolidate services that were previously prohibited. While most economists applauded the move, critics pointed out that the law didn't give the Security and Exchange Commission the authority to regulate these consolidations.

Many felt that this oversight led to the financial crises of 2007 and 2008 where firms that handled securities and deposits collapsed because of practices that should have been regulated. This led to what was called the Great Recession. The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010 attempted to address these issue, not by reinstating the 1933 banking rules, but by adding more regulations and oversight of banking and investing practices.