The progressive dismantling of the Glass$-$Steagall Act during the $1980$s and $1990$s had significant implications for the financial industry. Which of the following best describes the sequence of events and impacts of these changes?

Group of answer choices

The gradual erosion of Glass$-$Steagall began with regulatory interpretations that allowed commercial banks to engage more extensively in investment banking activities, culminating in the complete repeal in $1999,$ which led to the creation of financial conglomerates offering both commercial and investment banking services.

The initial amendments in the early $1980$s allowed commercial banks to engage in securities trading, leading directly to increased investment in technology and telecommunications sectors$,$ while the final repeal in $1999$ primarily affected international banking regulations.

Changes began with the deregulation of consumer banking services, allowing banks to offer new financial products like adjustable$-$rate mortgages $($ARMs$)$; the process was completed in $1999,$ with a new national financial structure focusing primarily on enhancing consumer protection laws and financial stability.

The dismantling started with the removal of interest rate controls in the early $1980$s$,$ which paved the way for banks to expand into insurance and real estate sectors$,$ with minor repercussions for the broader financial market stability.