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The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999, () is an act of the 106th United States Congress (1999–2001). It was signed into law by President Bill Clinton and it repealed part of the Glass–Steagall Act of 1933, opening up the market among banking companies, securities companies and insurance companies. The Glass–Steagall Act prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company.
The Gramm–Leach–Bliley Act allowed commercial banks, investment banks, securities fi...