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The Gramm-Leach-Bliley Act is significant because it marked the repeal of the Glass-Steagall Act, a piece of legislation that had been in place since the Great Depression. The Glass-Steagall Act originally established a separation between commercial banking, investment banking, and insurance services to prevent conflicts of interest and reduce financial risks. However, over time, changes in the financial landscape led to calls for more integration among these sectors.

By passing the Gramm-Leach-Bliley Act in 1999, Congress aimed to modernize the financial services industry, allowing institutions to offer a combination of banking, securities, and insurance services under one roof. This legislative change was driven by the belief that financial conglomerates could provide consumers with broader services and compete more effectively in the global market. However, the repeal of the Glass-Steagall Act is also a topic of debate due to its implications on the financial crisis of 2007-2008, where the intertwining of these sectors raised concerns about risk management and regulatory oversight.

The other legislation mentioned did address various aspects of banking regulation but did not specifically repeal the Glass-Steagall Act, which is why they are not the correct answer.