In 1934, Congress enacted the Glass-Steagall Act, which prohibited commercial banks from using depositors' money to speculate in stocks. More than six decades of financial stability ensued. Why was this law repealed in 1999?

1-Because economists from elite universities, many of them under contract with investment banks, regarded the "Chinese wall" separating commercial and investment banks as outmoded.

2-Because financial services industry leaders demanded more insurance than Glass-Steagall provided.

3-Glass-Steagall was concerned with international commerce, not with financial regulation.

4-Because federal revenue was precipitously declining, necessitating bank taxation at a new level as a part of the Tax Reform Act of 1999.