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Gramm-Leach-Bliley Act: Creating a New Bank for a New Millennium

In: Encyclopedia of Finance

Author

Listed:
  • James R. Barth

    (Auburn University and Milken Institute
    Auburn University)

  • Shen Zhang

    (Troy University)

Abstract

The Gramm-Leach-Bliley Act of 1999 repealed the Glass-Steagall Act of 1933 that had mandated the separation of commercial banking activities from securities activities. It also repealed provisions of the Bank Holding Company Act of 1956 that provided for the separation of commercial banking from insurance activities. The result was the establishment of a new legal structure that allowed for the integration of banking, securities, and insurance activities within a single organization. The key features of the Gramm-Leach-Bliley Act are explained and discussed, with special emphasis on its importance for US banks in a world of ever-increasing competition and globalization of financial services.

Suggested Citation

  • James R. Barth & Shen Zhang, 2022. "Gramm-Leach-Bliley Act: Creating a New Bank for a New Millennium," Springer Books, in: Cheng-Few Lee & Alice C. Lee (ed.), Encyclopedia of Finance, edition 0, chapter 3, pages 529-540, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-91231-4_3
    DOI: 10.1007/978-3-030-91231-4_3
    as

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