Which act was repealed in 1999, leading to financial scandals?

The Glass-Steagall Act was a significant piece of legislation originally enacted in 1933 that established regulations separating commercial banking from investment banking. This separation was designed to reduce the risk of financial speculation that contributed to the stock market crash of 1929 and subsequently the Great Depression.

The repeal of the Glass-Steagall Act in 1999, through the Gramm-Leach-Bliley Act, allowed financial institutions to engage in both commercial and investment banking activities. This deregulation contributed to the environment where excessive risk-taking by financial firms became prevalent, ultimately leading to significant financial scandals and the financial crisis of 2007-2008. By allowing banks to operate in multiple financial sectors without the traditional barriers in place, the repeal of the Glass-Steagall Act created conditions that permitted highly leveraged investments and risky financial products, culminating in severe negative consequences for the economy.

The other acts listed do not pertain to this specific change in banking regulation and its immediate aftermath regarding financial scandals.