On November 12, 1999, banks received permission to become full-fledged financial service providers with the passage of the Gramm–Leach–Bliley (GLB) Act. The GLB Act permits banks and bank holding companies (BHCs) to convert to a financial holding company (FHC) structure and engage in a broader array of new activities, including merchant banking, as well as removing prior restrictions on their ability to offer insurance and securities products.
On This PageJune 2001, No. 166
Do Markets React to Regulatory Information?
Last Updated: 05/17/01