Close. The rules need to be reinstated... Glass-Steagall Act.
“On November 12, 1999, President Bill Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act of 1933. One of the effects of the repeal was to allow commercial and investment banks to consolidate. Several economists and analysts have criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.”
Oops. Clinton and McCain involved.
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act