Which of the following acts allowed banks, securities firms and insurance companies to affiliate under common ownership and to offer the public a vast array of financial services under one umbrella.

Question

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The Gramm-Leach-Bliley Act (also known as the Financial Services Modernization Act of 1999) allowed banks, securities firms and insurance companies to affiliate under common ownership and offer a wide range of financial services to the public. It repealed parts of the Glass-Steagall Act which had previously prevented banks from engaging in certain activities, such as underwriting securities. The other options (A, B, and C) are outdated pieces of legislation that did not allow for such affiliations between financial institutions.

Which of the Following Acts Allowed Banks, Securities Firms and Insurance