Before the Financial Services Modernization Act of 1999, in 1988 the Supreme Court of the U.S. provided commercial banks permission to underwrite commercial paper and municipal revenue bonds but not equities.

Question

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In 1988, the Supreme Court of the United States ruled that commercial banks could underwrite commercial paper and municipal revenue bonds, marking a significant shift in the services banks could offer, though they were still restricted from underwriting equities until later regulatory changes.