The information revolution revived the long-standing debate over whether banks are regulated too heavily or not heavily enough. The relaxation of Glass–Steagall restrictions, which Comptroller Saxon advocated in the 1960s, began in earnest in the 1980s, as interest-rate ceilings on deposit accounts, limitations on interstate activity, and other regulations were phased out. The Gramm–Leach–Bliley Act of 1999 broke down the wall separating commercial and investment banking, giving banks greater autonomy.
Powered by the information and deregulation revolutions, national banks prospered at the turn of the 21st century. No bank failed in either 2005 or 2006. By 2007, bank profits had been going strong for 15 years, contributing to healthy capital ratios. The economic expansion reached its sixth year, aided by a lengthy housing boom.