The Financial Services Modernization (Gramm-Leach-Bliley) Act allows commercial banks to affiliate with insurance companies and investment banks by creating financial-services holding companies (FHCs).

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The Financial Services Modernization Act, also known as the Gramm-Leach-Bliley Act, was enacted in 1999 to repeal part of the Glass-Steagall Act, allowing commercial banks, investment banks, and insurance companies to consolidate through financial-services holding companies (FHCs), thereby permitting them to offer a broader range of financial services.

The Financial Services Modernization (Gramm-Leach-Bliley) Act Allows Commercial Banks to Affiliate