Signed by Franklin D. Roosevelt on June 16, 1933, the Banking Act of 1933 responded to the wave of bank failures that had wiped out depositors during the early years of the Great Depression. Its key provisions separated commercial from investment banking, prohibited banks from paying interest on demand deposits, and created the Federal Deposit Insurance Corporation to guarantee deposits up to a statutory ceiling. Deposit insurance ended the American bank run as a recurrent phenomenon. The separation of commercial and investment banking held until it was repealed by the Gramm–Leach–Bliley Act in 1999 — a repeal often cited among the causes of the 2008 financial crisis.