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Financial Legislation: The Promise and Record of the Financial Modernization Act of 1999

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  • Tatom, John

Abstract

On November 12, 1999, President Clinton signed the most significant piece of financial services regulation to be enacted since the Great Depression, at least up to that time. When the Financial Service Modernization Act of 1999, better known as the Gramm-Leach-Bliley Act (GLBA), was signed, the financial services industry faced strong pressures for deregulation of the rigid structure imposed during the Great Depression. During the 2007-08 financial crises and ensuing debate regarding financial services regulation, the GLBA became a target as members of the financial sector, academia and government considered possible triggers that may have precipitated the crisis.

Suggested Citation

  • Tatom, John, 2010. "Financial Legislation: The Promise and Record of the Financial Modernization Act of 1999," MPRA Paper 24609, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:24609
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    References listed on IDEAS

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    1. David VanHoose, 2017. "The Industrial Organization of Banking," Springer Books, Springer, edition 2, number 978-3-662-54326-9, December.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
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    4. George Benston, 2000. "Consumer Protection as Justification for Regulating Financial-Services Firms and Products," Journal of Financial Services Research, Springer;Western Finance Association, vol. 17(3), pages 277-301, September.
    5. James B. Bullard, 2010. "Containing risk in the new global financial landscape," Speech 149, Federal Reserve Bank of St. Louis.
    6. Barth,James R. & Caprio,Gerard & Levine,Ross, 2008. "Rethinking Bank Regulation," Cambridge Books, Cambridge University Press, number 9780521709309, January.
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    Cited by:

    1. Ilias Anthopoulos & Christos N.Pitelis, "undated". "The Nature, Performance, Economic Impact and Regulation of Investment Banking," Working papers wpaper137, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

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    More about this item

    Keywords

    Glass-Steagall Act; Dodd-Frank Act; financial regulation; financial crisis.;
    All these keywords.

    JEL classification:

    • K20 - Law and Economics - - Regulation and Business Law - - - General
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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