Which of the following statements is incorrect with respect to the Financial Services Modernization Act of 1999?
A) It expanded the Glass-Steagall Act.
B) It enabled commercial banks to more easily pursue securities and insurance activities.
C) It allowed securities firms and insurance companies to acquire banks.
D) It required commercial banks to have a strong rating in community lending in order to pursue additional expansion in securities and other nonbank activities.
E) All of the above are true.
Correct Answer:
Verified
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