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The Gramm–Leach–Bliley Act defines a "consumer" as "an individual who obtains, from a financial institution, financial products or services which are to be used primarily for personal, family, or household purposes, and also means the legal representative of such an individual."
The Gramm-Leach-Bliley Act has been the subject of much criticism as experts claim that the act provides weak protection due to its broad language. Without clear explanation and better defined language, the act is open to interpretation which will ultimately work against consumers. [6]
Brad DeLong, a former advisor to President Clinton and economist at the University of California, Berkeley and Tyler Cowen of George Mason University have both argued that the Gramm-Leach-Bliley Act softened the impact of the crisis by allowing for mergers and acquisitions of collapsing banks as the crisis unfolded in late 2008. [3] "Alice M ...
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.
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 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States Congress in 1933 as part of the 1933 Banking Act, amended as part of the 1935 Banking Act, and most of it was repealed in 1999 by the Gramm–Leach–Bliley Act (GLBA).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 ...
1999 Gramm–Leach–Bliley Act [ edit ] In 1999 the main issues confronting the new Leach bill to repeal Sections 20 and 32 were (1) whether bank subsidiaries ("operating subsidiaries") or only nonbank owned affiliates could exercise new securities and other powers and (2) how the CRA would apply to the new "financial holding companies" that ...
Provisions of the Glass-Steagall Act that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm–Leach–Bliley Act. [ 38 ] [ 39 ] The repeal of the Glass–Steagall Act of 1933 effectively removed the separation that previously existed between Wall Street investment banks and ...