The Gramm-Leach-Billey Act permitted domestic and foreign financial firms to for financial holding companies.

Name: The Gramm-Leach-Billey Act permitted domestic and foreign financial firms to for financial holding companies.
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The Gramm-Leach-Bliley Act, passed in 1999, allowed financial institutions to merge, thus permitting domestic and foreign firms to form financial holding companies that could offer a combination of banking, securities, and insurance services.

The Gramm-Leach-Billey Act Permitted Domestic and Foreign Financial Firms to for Financial