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This act essentially allowed for the mega mergers (particularly investment and commercial bank consolidation).  Again, the name that keeps cropping up is Phil Gramm.  This one passed on November 12, 1999.  As a result, you could see things like the Ciigroup merger (as in Citibank + Travelers Group + Smith-Barney).  Part of the underlying idea here was how the banking industry wanted to repeal parts of the Glass-Steagall Act since the 1980's. 

Another significant point the article mentions is how the combining of financial institutions would allow these mega-banks to have one company to manage people's money, whether it's under good or bad economic periods.  This is quite duplicitous because what they're saying is that the risk no longer is spread out as much and that these large corporations still will win.

Again Bill Clinton's name is attached to signing the bill.  I recall reading how he disclaimed he refused to be part of the crisis going on now.  However, it's obvious that he was, indeed, a part of this situation.  I mean, did he just blindly sign these deals?