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Financial Services Modernization Act of 1999
(redirected from GLBA)

   Also found in: Acronyms 0.01 sec.
Financial Services Modernization Act of 1999
Legislation in the United States that deregulated much of the American financial industry. It permitted banks, insurance companies and investment banks to offer each others' products for the first time since the Great Depression. That is, the same companies could offer insurance, brokerage services and/or regular banking services. The legislation resulted in a great deal of consolidation in the financial sector. Critics maintain that it caused banks to take on unnecessary risks that led to the late 2000s recession. It is more commonly called the Gramm-Leach-Bliley Act after its principal authors.


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