The Gramm-Leach-Bliley Financial Services Modernization Act (“GLB”) became law on Nov. 12, 1999 when it was signed by President Bill Clinton, after passing in the House by a 362-57 vote and in the Senate 90-8. Simply put, it repealed the Glass-Steagall Act, opening up competition among commercial banks, investment banks and insurance companies. Previously, commercial banks, investments banks and insurance companies generally were prohibited from combining and entering into each other’s businesses.
This article will continue my annual discussion of Gramm-Leach-Bliley through its 11th anniversary, and will focus on what parts of it have survived following the enactment on July 21, 2010 of The Dodd-Frank Wall Street Reform and Consumer Protection Act, which constituted the most significant restructuring of our financial services laws since the Great Depression.
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