Lets be fair about this. Going back to 1933, a socialist enactment known as the Glass-Steagall Act moved toward very tight regulation of the banking industry. This legislation had two very distinct provisions, one of which disallowed banks to merge with investment banks, or other types of financial institutions. Citibank Merged with Travelers group, to form Citigroup, yet Travelers group was an insurance underwriter. This was made possible by another piece of legislation, known as the Gramm-Leach-Bliley Act. Get the idea? This is known as government intervention.

Robert B. Ekelund of the Mises institute writes,
"The Financial Services Modernization Act of 1999 would make perfect sense in a world regulated by a gold standard, 100% reserve banking, and no FDIC deposit insurance; but in the world as it is, this "deregulation" amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly.
That is one of the products of financial socialism under a fiat monetary system ?? a system that mainly benefits wealthy lenders. Heads you win, tails you do not lose.
More Awful Truths About Republicans - Robert B. Ekelund and Mark Thornton - Mises Institute

You see, this is what happens when government is allowed to overly regulate the economy? It (Federal Reserve) automatically becomes daddy, and FDIC compliant failing banks become spoiled daughters.

BTW, a republican congress and democrat executive enacted this legislation.