The Financial Services Modernization Act of 1999
A)stipulates that a financial services holding company that engages in commercial banking, investment banking, and insurance activities will be functionally regulated.
B)restricts bank holding companies from opening insurance underwriting affiliates.
C)requires banks that underwrite and sell insurance to operate under federal rather than state regulations as insurance companies.
D)All of the options.
E)None of the options.

Question

Quizplus · Accepted Answer

The Financial Services Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act, allows financial services companies to engage in a broad range of activities, including commercial banking, investment banking, and insurance, and stipulates that these activities will be regulated according to their function, meaning that different regulators oversee different types of activities.