Gramm-Leach-Bliley Financial Services Modernization Act
The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed part of the Glass–Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies. The Glass–Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.
This act of deregulation has been cited as one reason for the Subprime mortgage crisis, which in turn is cited as a prime component of the 2007–2012 global financial crisis. In this regard in 2009 and since, Gramm-Leach has been considered in part a target of the Volcker Rule within the overall Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010.
Read more about this topic: Jim Leach
Famous quotes containing the words financial, services and/or act:
“America is a nation with no truly national city, no Paris, no Rome, no London, no city which is at once the social center, the political capital, and the financial hub.”
—C. Wright Mills (1916–1962)
“Those services which the community will most readily pay for, it is most disagreeable to render.”
—Henry David Thoreau (1817–1862)
“The ambivalence of writing is such that it can be considered both an act and an interpretive process that follows after an act with which it cannot coincide. As such, it both affirms and denies its own nature.”
—Paul De Man (1919–1983)