The claim that the Glass-Steagall Act was effectively repealed in 1999 is well-supported by primary and authoritative sources. The Gramm-Leach-Bliley Act (officially the Financial Services Modernization Act of 1999), signed into law by President Bill Clinton on November 12, 1999, explicitly repealed the core provisions of the Glass-Steagall Act. Specifically, Section 101 of the Act repealed Section 20 and Section 32 of the Banking Act of 1933 (commonly known as the Glass-Steagall Act) — the provisions that had prohibited affiliations between commercial banks and securities firms, thus separating investment banking from commercial banking since 1933. The Federal Reserve History website confirms that the legislation "repealed large parts of the Glass-Steagall Act, which had separated commercial and investment banking since 1933," and that it removed barriers "among banking companies, securities companies and insurance companies." This allowed commercial banks, investment banks, securities firms, and insurance companies to consolidate under the new financial holding company structure. The characterization as an "effectual repeal" is accurate, as the core separation provisions were eliminated, even though not every single provision of the 1933 Banking Act was struck down (e.g., FDIC deposit insurance provisions remain in force). The word "effectively" in the claim appropriately captures this nuance. Sources: - Gramm-Leach-Bliley Act, Public Law 106–102 (November 12, 1999), via Congress.gov: https://www.congress.gov/106/plaws/publ102/PLAW-106publ102.pdf - Federal Reserve History, "Financial Services Modernization Act of 1999 (Gramm-Leach-Bliley)": https://www.federalreservehistory.org/essays/gramm-leach-bliley-act - GovTrack.us, text of S. 900 (106th Congress): https://www.govtrack.us/congress/bills/106/s900/text