Laws passed in the late 1990s restricted the activities of financial firms to narrowly defined services they could provide, prompting the financial crisis of 2007 and 2008.

Question

Quizplus · Accepted Answer

The financial crisis of 2007 and 2008 was not caused by laws passed in the late 1990s that restricted financial firms. In fact, the Gramm-Leach-Bliley Act of 1999 repealed parts of the Glass-Steagall Act, allowing financial firms to offer a wider range of services, which some argue contributed to the crisis.

Laws Passed in the Late 1990s Restricted the Activities of Financial