In 1999, the U.S. Congress lifted restrictions in place since the 1930s and allowed banks and financial-service holding companies the power to combine menus of banking, insurance, securities underwriting services and real estate brokerage services under the same financial-service organization.

Question

Quizplus · Accepted Answer

This change occurred with the passage of the Gramm-Leach-Bliley Act in 1999, which repealed part of the Glass-Steagall Act of 1933, allowing banks, securities firms, and insurance companies to merge and offer a full range of financial services.