This would have been my 13th anniversary article under this column for the Gramm-Leach-Bliley Financial Services Modernization Act (GLB) which became law on Nov. 12, 1999. Simply put, it repealed the Glass-Steagall Act, opening up competition among commercial banks, investment banks and insurance companies. However, with the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law on July 21, 2010, GLB became largely irrelevant except in the context of the current discussion to restore Glass-Steagall (which, in my judgment, would be a huge mistake).
These two laws have been the most important pieces of financial services legislation since the Great Depression; however, they are very different in their effect and goals, as was the legislative process that created them and the environment that existed at the time.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
