The Financial Services Modernization Act of 1999 explicitly allowed corporate combinations of commercial banks with other types of financial institutions such as insurance companies and investment banking firms.

Question

Quizplus · Accepted Answer

The Financial Services Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act, did indeed allow for corporate combinations of commercial banks with other types of financial institutions such as insurance companies and investment banking firms. This led to the creation of large financial conglomerates with diverse business lines.

The Financial Services Modernization Act of 1999 Explicitly Allowed Corporate