The Glass-Steagall Act (Banking Act of 1933) was repealed by the Gramm-Leach-Bliley Act (Financial Services Modernization Act of 1999), which was sponsored by Senators Phil Gramm, Jim Leach, and Thomas Bliley, passed by the 106th U.S. Congress with bipartisan support, and signed into law by President Bill Clinton on November 12, 1999. The legislative text explicitly states "SEC. 101. GLASS-STEAGALL ACT REPEALS." Alan Greenspan, as Chairman of the Federal Reserve, was a longstanding and vocal advocate for the repeal of Glass-Steagall. As early as 1987, he called for its repeal before the Senate Banking Committee. In February 1999, he testified before Congress strongly supporting the legislation, stating the Federal Reserve "strongly supported repeal of the Glass-Steagall separations" and urging Congress "in the strongest terms" to pass it. His advocacy was influential and well-documented. However, Greenspan did not have the authority to repeal legislation. He was not a legislator, not a sponsor of the bill, and not the president who signed it. The actual repeal was accomplished through congressional legislation enacted by Congress and signed by President Clinton. Greenspan was an important and enthusiastic supporter and advocate, but saying he "got rid of" the Glass-Steagall Act attributes the action to him personally when the formal power to repeal rested with Congress and the President. The claim conflates advocacy with authorship/execution. Sources: - Gramm-Leach-Bliley Act enrolled bill text, govinfo.gov: https://www.govinfo.gov/content/pkg/BILLS-106s900enr/html/BILLS-106s900enr.htm - GovTrack, S. 900 (106th Congress): https://www.govtrack.us/congress/bills/106/s900 - President Clinton's signing statement, American Presidency Project: https://www.presidency.ucsb.edu/documents/statement-signing-the-gramm-leach-bliley-act - Federal Reserve History, "Financial Services Modernization Act of 1999 (Gramm-Leach-Bliley)": https://www.federalreservehistory.org/essays/gramm-leach-bliley-act - Greenspan testimony, Federal Reserve, February 11, 1999: https://www.federalreserve.gov/boarddocs/testimony/1999/19990211.htm - Greenspan testimony, Federal Reserve archives (Fraser/St. Louis Fed): https://fraser.stlouisfed.org/title/statements-speeches-alan-greenspan-452/testimony-subcommittee-monopolies-commercial-law-committee-judiciary-us-house-representatives-8393/fulltext - Washington Post, "Greenspan Calls for Repeal of Glass-Steagall Bank Law," November 19, 1987: https://www.washingtonpost.com/archive/business/1987/11/19/greenspan-calls-for-repeal-of-glass-steagall-bank-law/ef97566b-be70-4527-b6df-6e7cbd6c0761/