Under the Gramm-Leach-Bliley Act of 1999 Congress repealed the prohibition on insurers owning and operating banks, as well as the prohibition on banks owning and operating insurers.

Question

Quizplus · Accepted Answer

The Gramm-Leach-Bliley Act of 1999 repealed provisions of the Glass-Steagall Act of 1933, allowing banks, securities firms, and insurance companies to merge and offer each other's services, effectively removing the prohibition on banks and insurers owning and operating each other.

Under the Gramm-Leach-Bliley Act of 1999 Congress Repealed the Prohibition