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What is the Financial Services Modernization Act?

April 26, 2017ACT Finance financial industry financial security Financial Services invest Investing Investment modernization

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What is the Financial Services Modernization Act?

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Also called the Gramm-Leach-Bliley Act, the Financial Services Modernization Act was an act of the 106th U.S. Congress that was signed into law on 12 November 1999. The Financial Services Modernization Act repealed part of the Glass-Steagall Act of 1933, which prohibited banks from offering investment, commercial banking and insurance services.