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Home » Gramm-leach-bliley Act Of 1999 - Glba

Definition Of Gramm-leach-bliley Act Of 1999 - Glba:


A regulation that Congress passed on November 12, 1999, which attempts to update and modernize the financial industry.
The main function of the Act was to repeal the Glass-Steagall Act that said banks andother financial institutions were not allowed to offer financial services,likeinvestments and insurance-relatedservices, as part of normal operations.The act is also known as Gramm-Leach-Bliley Financial Services Modernization Act.Due to the horrific losses incurred as a result of1929's Black Tuesday and Thursday,the Glass-Steagall act wascreated originally during the 1930s in order to prevent bank depositorsfromadditional exposure torisk associated withstock market volatilities. As a result, for many years, banks were not legally allowed toact as brokers. Since many regulationshave beeninstitutedsince the 1930s to protect bank depositors,GLBA was created toallow the financial industry to offer more services.

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