On November 12, 1999 Treasury Secretary Larry Summers joined President Bill Clinton to proclaim a bright new future for the American economy. The occasion was the signing ceremony for the Gramm-Leach-Bliley Act, best known for its partial repeal of 1933’s Glass-Steagall legislation — until then a critical firewall separating commercial and investment banking. Gramm-Leach-Bliley having passed with strong bipartisan support, Summers was in an effusive mood:

Let me welcome you all here today for the signing of this historic legislation. With this bill, the American financial system takes a major step forward towards the 21st century, one that will benefit American consumers, business, and the national economy for many years to come. . . .  I believe we have all found the right framework for America’s future financial system.

Despite the general atmosphere of consensus, Gramm-Leach-Bliley passed the House 362-57-15 — not everyone was convinced of the bill’s merits. One independent Congressman from Vermont had demurred rather forcefully during the House debate preceding its passage: