Glass-Steagall Act

Financial Services Modernization Act of 1999
Enacted on November 12, 1999, the Financial Services Modernization Act, also known as the Gramm-Leach-Bliley Act, repealed parts of the Glass-Steagall Act of 1933 and the Bank Holding Company Act of 1956, thereby eliminating remaining firewalls between banks, securities firms, and insurance companies.
Glass-Steagall Act of 1933
The Glass-Steagall Act of 1933 is a legislative measure passed by Congress that authorizes deposit insurance and prohibits commercial banks from owning brokerage firms. This act was largely repealed by the Financial Services Modernization Act of 1999.

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