Financial services legislation, passed by Congress in 1999, that removed Depression era prohibitions against the combination of commercial banking and investment banking activities. It allows insurance companies, banks and securities firms to engage in each others' activities and own one another.

"Gramm-leach-bliley Act" In Context

"We want to be regulated and we embrace it.” “I don’t think we can survive as an unregulated industry,” he added, with reference to 1999’s Gramm–Leach–Bliley Act in the US, which deregulated the banking sector and is widely believed to have ..."