Financial Legislation: The Promise and Record of the Financial Modernization Act of 1999

John Tatom

No 2010-PB-05, NFI Policy Briefs from Indiana State University, Scott College of Business, Networks Financial Institute

Abstract: On November 12, 1999, President Clinton signed the most significant piece of financial services regulation to be enacted since the Great Depression, at least up to that time. When the Financial Service Modernization Act of 1999, better known as the Gramm-Leach-Bliley Act (GLBA), was signed, the financial services industry faced strong pressures for deregulation of the rigid structure imposed during the Great Depression. During the 2007-08 financial crises and ensuing debate regarding financial services regulation, the GLBA became a target as members of the financial sector, academia and government considered possible triggers that may have precipitated the crisis.

Keywords: Glass-Steagall Act; Dodd-Frank Act; financial regulation; financial crisis (search for similar items in EconPapers)
JEL-codes: E50 G18 K20 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2010-08
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Working Paper: Financial Legislation: The Promise and Record of the Financial Modernization Act of 1999 (2010)
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