The Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act of 1999, is a United States federal law that repealed part of the Glass-Steagall Act's separation between commercial banking, investment banking, and insurance, allowing financial institutions to consolidate and offer a broader range of services. The Act also established the Safeguards Rule and the Financial Privacy Rule, which require financial institutions to protect the security of customers' nonpublic personal information and to disclose their information-sharing practices. It is enforced by multiple federal agencies, including the Federal Trade Commission and federal banking regulators.
Facts
EraSourced to the subject's own accountEnacted 1999 by the 106th United States Congress. 1 Promulgated BySourced to the subject's own accountUnited States Congress, 106th Congress; signed into law by President Bill Clinton. 1 Jurisdiction ScopeSourced to the subject's own accountUnited States federal law, nationwide. 1 Regulatory DomainSourced to the subject's own accountFinancial services: repealed Glass-Steagall barriers between banking, securities, and insurance companies. 1 Classification
Legal StatusSourced to the subject's own account Jurisdiction Scope
Jurisdiction Scope (category)Sourced to the subject's own account Era
Era (category)Sourced to the subject's own account20th Century (1900-1999) 1 Connections
Associated With
The Gramm-Leach-Bliley Act repealed parts of the Banking Act of 1933 that separated commercial and investment banking.
both form the core of US federal financial consumer privacy and credit reporting regulation, both FTC enforced
Authored By
Representative Jim Leach, lead House sponsor; the Act is named for him.
Senator Phil Gramm, lead Senate sponsor; the Act is named for him.
In Legal System
United States federal statute, within the common law tradition.
Source Major Legal Systems in the World TodayRene David and John E.C. Brierley
Sources
1. Gramm-Leach-Bliley Act (Wikipedia)
WikipediaIntroductionQuote, Introduction
The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, (Pub. L. 106-102 (text) (PDF), 113 Stat. 1338, enacted November 12, 1999) is an Act of the 106th United States Congress (1999-2001). It repealed part of the Glass-Steagall Act of 1933, removing barriers in the market among banking companies, securities companies, and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company.
Major Legal Systems in the World Today
Rene David and John E.C. Brierley, Stevens and Sons, 1985In Legal System: Law of the United States
Gramm-Leach-Bliley Act (Wikipedia)
In Group: United States Financial and Securities Statutes and Rules, Introduction, sentence 2Quote, In Group: United States Financial and Securities Statutes and Rules, Introduction, sentence 2
It repealed part of the Glass-Steagall Act of 1933, removing barriers in the market among banking companies, securities companies, and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company.
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