The Glass-Steagall act of 1933 was a major legislative response in the US to the depression of the 1930s. It distinguished between commercial banks and investment banks. Both types of banks made loans but differed in the source of funds. Commercial banks accepted deposits; investment banks raised funds by selling bonds and investing on their own account.  Under the act, companies could not combine these activities.  Nor could a single company engage in commercial banking and insurance.

The Gramm-Leach-Bliley act repealed this provision, permitting unified financial companies to provide "one stop shopping" including deposit accounts, stock and bond brokerage, and insurance.  Some commentators see this as a direct cause of the global financial crisis that started in 2006-2007.