With the passage of the Riegle-Neal Interstate Banking and Branching Efficiency Act and the Riegle Community Development and Regulatory Improvement Act in 1994, some Americans celebrated the dawn of a new banking era. These laws, which provided some relief from regulation, represented the first revision of the Glass-Steagall Act of 1933. In the intervening sixty years, the U.S. banking industry had undergone dramatic changes, both domestically and internationally, and yet the laws associated with banking remained fixed and intransigent. No amount of regulatory flexibility or bankers'...