very best job flame celebrate cholesterol zetia blab Under the 1999 decision to repeal part of the Glass-Steagall Act, ending the forced separation of commercial and investment banking, any non-regulated bank that converted to holding company status after 1999 would be allowed to continue to own and invest in assets, as long as they held them prior to 1997. The banks have argued that their activities are "grandfathered" in, or that they are simply merchant banking investments.