The Gramm-Leach-Bliley Act contained a subordinated-debt requirement provision—championed by Phil Gramm and supported by academics—designed to restore market discipline by forcing large bank holding companies to fund ~2% via a class of subordinated debt explicitly excluded from any bailout, creating a 'canary in the coal mine' early-warning signal; the Fed staff confirmed it would work, but bank lobbying (via Larry Summers and Alan Greenspan) buried it with a 'more research is needed' conclusion.