US Senator Paul Wellstone opposed the repeal of the 1933 Glass-Steagall Act in 1999 which forbade mixing insurance, investment and consumer banking. The policy created a boom and mega-insurance banks like Citigroup as well as entanglements and massive increases in debt that led to the 2007-2008 financial crisis and subsequent crisis in 2020.
Date of speech November 4 1999
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