The Gramm-Leach-Bliley Act (GLBA)
A)removed decades-old barriers between banking and other financial services by creating financial holding companies.
B)bailed out the failed savings and loan industry.
C)further regulated banks and other depository institutions in an attempt to reverse trends that were occurring within the industry.
D)made nonfinancial firms such as Sears, AT&T and General Motors into financial supermarkets.

Question

Quizplus · Accepted Answer

The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act, removed the Glass-Steagall Act's barrier between commercial banking and investment banking, allowing banks to act as a financial holding company and offer a broader range of services like insurance and securities. It created financial supermarkets, where consumers could access all their financial needs in one institution.