Former Senator Phil Gramm talked about the role of deregulation in the current economic crisis. As chairman of the Senate Banking Committee he sponsored deregulatory legislation, supported by the Clinton administration. The Gramm-Leach-Bliley Act of 1999 (GLBA) repealed the provisions of the Glass-Steagall Act of 1933 that prevented affiliations between commercial and investment banks. The Commodity Futures Modernization Act of 2000 (CFMA) exempted credit default swaps and other derivatives from regulation by the Commodity Futures Trading Commission. Former Senator Gramm responded to responded to questions from members of the audience. Then a panel moderated by Kevin Hassett discussed the issues. There was not time for more questions from the audience.