The Glass-Steagall Act was a safeguard to prevent banks from becoming too big to fail and irresponsible. Its repeal about a decade before the banking debacle .\rbr\rbrRep. Bernie Sanders (I-VT) strongly denounces the Financial Services Modernization Act – a repeal of the Glass-Steagall banking protections – arguing that it .\rbr\rbrIn a speech on the Floor of the House of Representatives in 1999, Congressman Dingell warns against repealing the Glass-Steagall Act of 1933. He argues that .\rbr\rbrElizabeth Warren, (D-MA), defends the 21st Century Glass-Steagall Act, her bill designed to rein in too-big-to-fail banks. Date: 71213 Video by: CNBC.