They joined Jonathan R. Macey and Peter J. Wallison in noting many GLBA critics do not understand that Glass–Steagall's restrictions on banks (i.e., Sections 16 and 21) remained in effect and that the GLBA only repealed the affiliation provisions in Sections 20 and 32. The American Bankers Association, former President Bill Clinton, and others have argued that the GLBA permission for affiliations between securities and commercial banking firms "helped to mitigate" or "softened" the financial crisis by permitting bank holding companies to acquire troubled securities firms or such troubled firms to convert into bank holding companies. Martin Mayer argued there were "three reasonable arguments" for tying Glass–Steagall repeal to the financial crisis: (1) it invited banks to enter risks they did not understand; (2) it created "network integration" that increased contagion; and (3) it joined the incompatible businesses of commercial and investment banking. Mayer, however, then described banking developments in the 1970s and 1980s that had already established these conditions before the GLBA repealed Sections 20 and 32. Mayer's 1974 book "The Bankers " detailed the "revolution in banking" that followed Citibank establishing a liquid secondary market in "negotiable certificates of deposit" in 1961. This new "liability management" permitted banks to fund their activities through the "capital markets," like nonbank lenders in the "shadow banking market," rather than through the traditional regulated bank deposit market envisioned by the 1933 Banking Act. In 1973 Sherman J. Maisel wrote of his time on the Federal Reserve Board and described how "[t]he banking system today is far different from what it was even in 1960" as "formerly little used instruments" were used in the "money markets" and "turned out to be extremely volatile." In describing the "transformation of the U.S. financial services industry" from 1975-2000 (i.e., from after the "revolution in banking" described by Mayer in 1974 to the effective date of the GLBA), Arthur Wilmarth described how during the 1990s, despite remaining bank holding companies, J.P. Morgan & Co. and Bankers Trust "built financial profiles similar to securities firms with a heavy emphasis on trading and investments." In 1993, Helen Garten described the transformation of the same companies into "wholesale banks" similar to European "universal banks." Jan Kregel agrees that "multifunction" banks are a source for financial crises, but he argues the "basic principles" of Glass–Steagall "were eviscerated even before" the GLBA.