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Act, also known as the Financial Services Modernization Act of 1999, is a United States federal law that repealed part of the Glass-Steagall Act's separation between commercial banking, investment banking, and insurance, allowing financial institutions to consolidate and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States federal law, nationwide. 1 Regulatory DomainSourced to the subject's own accountFinancial services: repealed Glass-Steagall barriers between banking, securities, and insurance companies. 1 Cross-Tradition Connections
In Legal System
United States federal statute, within the common law tradition.
Sources
1. Gramm-Leach-Bliley Act (Wikipedia)
WikipediaLead paragraph (era)Quote, Lead paragraph (era)
The Gramm–Leach–Bliley Act (GLBA), also known as the Financial Services Modernization Act of 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 It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies, and insurance companies that prohibited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. With the passage of the Gramm–Leach–Bliley Act, commercial banks, investment banks, securities firms, and insurance companies were allowed to consolidate. Furthermore, it failed to give to the SEC or any other financial regulatory agency the authority to regulate large investment bank holding companies. The legislation was signed into law by President Bill Clinton.
1. Gramm-Leach-Bliley Act (Wikipedia)
WikipediaLead paragraph (promulgated-by)Quote, Lead paragraph (promulgated-by)
The Gramm–Leach–Bliley Act (GLBA), also known as the Financial Services Modernization Act of 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 It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies, and insurance companies that prohibited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. With the passage of the Gramm–Leach–Bliley Act, commercial banks, investment banks, securities firms, and insurance companies were allowed to consolidate. Furthermore, it failed to give to the SEC or any other financial regulatory agency the authority to regulate large investment bank holding companies. The legislation was signed into law by President Bill Clinton.
1. Gramm-Leach-Bliley Act (Wikipedia)
WikipediaLead paragraph (jurisdiction-scope)Quote, Lead paragraph (jurisdiction-scope)
The Gramm–Leach–Bliley Act (GLBA), also known as the Financial Services Modernization Act of 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. With the passage of the Gramm–Leach–Bliley Act, commercial banks, investment banks, securities firms, and insurance companies were allowed to consolidate. Furthermore, it failed to give to the SEC or any other financial regulatory agency the authority to regulate large investment bank holding companies. The legislation was signed into law by President Bill Clinton.
1. Gramm-Leach-Bliley Act (Wikipedia)
WikipediaLead paragraph (regulatory-domain)Quote, Lead paragraph (regulatory-domain)
The Gramm–Leach–Bliley Act (GLBA), also known as the Financial Services Modernization Act of 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. With the passage of the Gramm–Leach–Bliley Act, commercial banks, investment banks, securities firms, and insurance companies were allowed to consolidate. Furthermore, it failed to give to the SEC or any other financial regulatory agency the authority to regulate large investment bank holding companies. The legislation was signed into law by President Bill Clinton.
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
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