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There was an attempt. "51 Democrats, 5 Republicans and 1 independent opposed it."
One of the leading voices of dissent was Senator Byron L. Dorgan, Democrat of North Dakota. He warned that reversing Glass-Steagall and implementing the Republican-backed Gramm-Leach-Bliley Act was a mistake whose repercussions would be felt in the future.
“I think we will look back in 10 years’ time and say we should not have done this, but we did because we forgot the lessons of the past, and that that which is true in the 1930s is true in 2010,” Mr. Dorgan said 10 years ago. “We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness.”
Mr. Dorgan still feels the same way. “I thought reversing Glass-Steagall would set us up for dramatic failure and that is exactly what has happened,” the senator told DealBook on Thursday. “To fuse together the investment banking function with the F.D.I.C. banking function has proven to be a profound mistake.”
10 Years Later, Looking at Repeal of Glass-Steagall - NYTimes.com
This gives further insight to the repeal but Glass Steagall was only a part of the problem.
The legislation was signed into law by President Bill Clinton on November 12, 1999
http://en.wikipedia.org/wiki/Gramm–Leach–Bliley_Act