The primary rationale for repealing the Glass-Steagall Act was that the U.S. Congress recognized the international competitive disadvantage for US commercial and investment banks.

Question

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The repeal of the Glass-Steagall Act in 1999 was driven by the belief that separating commercial and investment banking put U.S. financial institutions at a disadvantage compared to their international competitors who were able to operate in a more integrated manner.

The Primary Rationale for Repealing the Glass-Steagall Act Was That