Under the Financial Services Modernization Act of 1999, commercial banks can own and actively manage nonfinancial corporations.

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The Financial Services Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act, allows commercial banks, investment banks, securities firms, and insurance companies to consolidate. However, it does not permit commercial banks to own and actively manage nonfinancial corporations; their activities are primarily limited to financial services.

Under the Financial Services Modernization Act of 1999, Commercial Banks