Final answer:
The Gramm-Leach-Bliley Act is the legislation that repealed the Glass-Steagall Act, leading to deregulation in the financial industry and contributing to the financial crisis of 2008.
Step-by-step explanation:
The act that repealed the depression-era law known as Glass-Steagall is c. Gramm-Leach-Bliley Act. This act, passed in 1999, allowed commercial banks, insurance companies, and investment banks to consolidate and is partially blamed for the financial crisis of 2008. The Glass-Steagall Act, established originally in 1933, separated commercial banking, investment banking, and insurance to prevent conflicts of interest and protect bank deposits with federal insurance through the FDIC. This separation was lifted with the Gramm-Leach-Bliley Act, which removed legal barriers and allowed financial institutions to grow larger and diversify their activities, leading to increased risk-taking and contributing to the eventual financial collapse. Post-crisis, the Dodd-Frank Act was enacted to reform the financial system and reduce the chances of a similar crisis occurring in the future.