University of Redlands > Academics > School of Business > Banta Center for Business, Ethics and Society > Ethics Resources > Banta Center Research Portal > The Glass-Steagall Act: Its Repeal and Consequences
Some critics have stated that the ultimate cause of the financial crisis is linked to the repeal of the Glass-Steagall Act, which was a piece of Depression Era legislation separating commercial and investment banking activities. Major provisions of this Act were repealed in 1999 allowing major banks to engage in both commercial and speculative activities.
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The 83-year-old instrument was fully restored in 2003 and features 4,266 pipes.