Gramm-Leach-Bliley Act: Creating a New Bank for a New Millennium

James Barth and Shen Zhang ()
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Shen Zhang: Troy University

Chapter 3 in Encyclopedia of Finance, 2022, pp 529-540 from Springer

Abstract: Abstract The Gramm-Leach-Bliley Act of 1999 repealed the Glass-Steagall Act of 1933 that had mandated the separation of commercial banking activities from securities activities. It also repealed provisions of the Bank Holding Company Act of 1956 that provided for the separation of commercial banking from insurance activities. The result was the establishment of a new legal structure that allowed for the integration of banking, securities, and insurance activities within a single organization. The key features of the Gramm-Leach-Bliley Act are explained and discussed, with special emphasis on its importance for US banks in a world of ever-increasing competition and globalization of financial services.

Keywords: Banking laws; Bank regulations; Financial holding companies; Financial modernization; Glass-Steagall; Globalization; Insurance; Securities; Thrifts (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-91231-4_3

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DOI: 10.1007/978-3-030-91231-4_3

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