Glossary Term: GRAMMLEACHBLILEY ACT OF 1999
Definition(s) for GRAMMLEACHBLILEY ACT OF 1999:
1. ) A federal legislation that removed Depression-era Glass prohibitions of the Glass-Steagall Act barring cross-ownership of banks, securities firms, and insurance companies Commercial banks are now permitted to own insurance companies and engage in securities underwriting through federally regulated subsidiaries A complex piece of legislation, the act marks the culmination of efforts dating to the early 1980s to modernize the US financial services industry
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