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The Gramm–Leach–Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, (Pub. L. 106–102 (text), 113 Stat. 1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999–2001).
Gramm-Leach-Bliley Act: An Act to enhance competition in the financial services industry by providing a prudential framework for the affiliation of banks, securities ...
The repeal of Glass-Steagall allowed mergers between different types of financial institutions to occur, which enabled increased efficiency in the dissemination of financial information. To promote consumer privacy, the Gramm-Leach-Bliley Act included regulations to limit the ways in which companies handled and shared financial data. [6]
With the stroke of a pen, President Bill Clinton made the Gramm-Leach-Bliley Act into law. Here is what he said The wall separating banking and investing firms fell into ruin on Nov. 12, 1999.
The Glass–Steagall legislation was enacted by the United States Congress in 1933 as part of the 1933 Banking Act, amended as part of the 1935 Banking Act, and most of it was repealed in 1999 by the Gramm–Leach–Bliley Act (GLBA). Its protections and restrictions had also been chipped away during most of its existence by lenient regulatory ...
The Gramm-Leach-Bliley Act (GLA) is a federal law that was signed into effect on November 12, 1999. This act placed increased limits and requirements for data collection by financial institutions, as well as limited how that information could be collected and stored.
Congressional efforts to "repeal the Glass–Steagall Act", referring to those four provisions (and then usually to only the two provisions that restricted affiliations between commercial banks and securities firms), culminated in the 1999 Gramm–Leach–Bliley Act (GLBA), which repealed the two provisions restricting affiliations between ...
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