. ▁Ever ▁since ▁the ▁G lass – Ste ag all ▁Act , ▁bank ing ▁and ▁ins urance ▁business es ▁had ▁been ▁kept ▁separate . ▁We ill ▁and ▁John ▁S . ▁Re ed ▁bet ▁that ▁Congress ▁would ▁soon ▁pass ▁legisl ation ▁over turn ing ▁those ▁reg ulations , ▁which ▁We ill , ▁Re ed ▁and ▁a ▁number ▁of ▁business people ▁considered ▁not ▁in ▁their ▁interest . ▁ ▁To ▁speed ▁up ▁the ▁process , ▁they ▁rec ru ited ▁ex - Pres ident ▁Ger ald ▁Ford ▁( Rep ublic an ) ▁to ▁the ▁Board ▁of ▁Direct ors ▁and ▁Robert ▁Rub in ▁( Secret ary ▁of ▁Tre as ury ▁during ▁Democratic ▁Cl inton ▁Administration ) ▁whom ▁We ill ▁was ▁close ▁to . ▁With ▁both ▁Democr ats ▁and ▁Republican ▁on ▁their ▁side , ▁the ▁law ▁was ▁taken ▁down ▁in ▁less ▁than ▁two ▁years . ▁Many ▁European ▁countries , ▁for ▁instance , ▁had ▁already ▁torn ▁down ▁the ▁firewall ▁between ▁bank ing ▁and ▁ins urance . ▁During ▁a ▁two - to - five - year ▁grace ▁period ▁allowed ▁by ▁law , ▁Cit igr oup ▁could ▁conduct ▁business ▁in ▁its ▁merged ▁form ; ▁should ▁that ▁period ▁have ▁el apsed ▁without ▁a ▁change ▁in ▁the ▁law , ▁Cit igr oup ▁would ▁have ▁had ▁to ▁spin ▁off ▁its ▁ins urance ▁business es . ▁We ill ' s ▁office ▁holds ▁a ▁wood ▁et ch ing ▁of ▁him ▁eng ra ved ▁with ▁the ▁words ▁" The ▁Sh atter er ▁of ▁G lass – Ste ag all ". ▁We ill ▁den ies ▁that ▁the ▁repe al