The Gramm-Leach-Bliley Financial Services Modernization Act (GLB) became law on Nov. 12, 1999, when it was signed by President Bill Clinton. The law repealed the Glass-Steagall Act, opening up competition among commercial banks, investment banks and insurance companies. Previously, they generally were prohibited from combining and entering into each other’s businesses.
This article will continue my annual discussion of GLB through its 12th anniversary, and then will attempt to support my answer to the question of what is wrong with our banks.
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