In 1999, the U.S. Congress added to restrictions in place since the 1930s and prevented 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.

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In 1999, the U.S. Congress passed the Gramm-Leach-Bliley Act, which actually repealed parts of the Glass-Steagall Act of 1933, allowing banks, securities companies, and insurance companies to merge and offer a combination of services including banking, securities, and insurance.