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The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999.Repealed part of the Glass-Steagall Act of 1933, opening up the market among banking companies, securities companies and insurance companies.
This happened under President Clintons administration with full support of both republican and democratic parties.
Senate 90-8 House 362-57 the Gramm-Leach Bliley GLBA passed with a lopsided victory and was signed into law by Bill Clinton - November 12, 1999.

"I think this is a case where Freddie Mac (FRE) and Fannie Mae (FNM) are fundamentally sound. They're not in danger of going under…I think they are in good shape going forward." —Barney Frank (D-Mass.), House Financial Services Committee chairman, July 14, 2008