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Financial Services Modernization Act
United States [1999]
Also known as: Gramm-Leach-Bliley Act
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career of Weill
- In Sanford I. Weill
In 1999 the Gramm-Leach-Bliley Act was signed into law; it repealed the barriers of the Glass-Steagall Act. Thus, the merger was able to be completed, and in 1999 Weill became cochairman and co-CEO of Citigroup, then the largest financial services company in the world.
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history of banking
- In bank: Entry, branching, and financial-services restrictions
Finally, in 1999 the Financial Services Modernization Act, also known as the Gramm-Leach-Bliley Act, repealed provisions of the Glass-Steagall Act that had prevented banks, securities firms, and insurance companies from entering each other’s markets, allowing for a series of mergers that created the country’s first “megabanks.”
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