How did competitive forces lead to the repeal of the Glass-Steagall Act's separation of the banking and securities industries? (Check all that apply.) A. Financial innovation motivated banks and other financial institutions to bypass the intent of the Glass-Steagall Act. B. The Act's restrictions put American banks at a competitive disadvantage relative to foreign banks. C. Banks were allowed to hold substantial equity stakes in commercial firms in order to keep them competitive. D. The Fed allowed bank holding companies to enter the underwriting business.

A. Financial innovation motivated banks and other financial institutions to bypass the intent of the Glass-Steagall Act.

B. The Act's restrictions put American banks at a competitive disadvantage relative to foreign banks.

D. The Fed allowed bank holding companies to enter the underwriting business.

References for Explanation:

A. Financial Crisis Inquiry Commission. (2011). The financial crisis inquiry report: The final report of the National Commission on the causes of the financial and economic crisis in the United States including dissenting views. Cosimo, Inc. p. 21

B. Financial Crisis Inquiry Commission. (2011). The financial crisis inquiry report: The final report of the National Commission on the causes of the financial and economic crisis in the United States including dissenting views. Cosimo, Inc. p. 205

D. Financial Crisis Inquiry Commission. (2011). The financial crisis inquiry report: The final report of the National Commission on the causes of the financial and economic crisis in the United States including dissenting views. Cosimo, Inc. p. 300