And let’s guess which Administration allowed this to happen:
I happen to think of these as positive changes. But if you wish to point the finger at wild free market deregulation, you cannot conveniently ignore things like this. Such a law has allowed US banking institutions to grow dramatically in size compared to the period before this. And you should know that there are advantages to large banks – empirically they are less likely to fail, though they do not seem to be more profitable than their smaller competitors.
Oh, here is the law.