The Gramm-Leach-Bliley Act essentially repealed many of the prohibitions of the Glass-Steagall Act,which restricted commercial banks from also being in the investment banking business.

Question

Quizplus · Accepted Answer

The statement is true. The Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act of 1999, allowed for the merging of commercial banks, investment banks, and insurance companies, effectively repealing many of the restrictions imposed by the Glass-Steagall Act of 1933.

The Gramm-Leach-Bliley Act Essentially Repealed Many of the Prohibitions of the Glass-Steagall