The Gramm-Leach-Bliley Act (1999) allows banks, security dealers, and insurance companies to combine together to form financial services holding companies.

Question

Quizplus · Accepted Answer

The Gramm-Leach-Bliley Act (1999), also known as the Financial Services Modernization Act, repealed certain provisions of the Glass-Steagall Act of 1933, allowing banks, security dealers, and insurance companies to merge and form financial services holding companies. This gave rise to the concept of a "universal bank" that could offer a wide range of financial products and services under one roof.

The Gramm-Leach-Bliley Act (1999) Allows Banks, Security Dealers, and Insurance