One law reshaped American banking forever
The 1999 Gramm-Leach-Bliley Act merged banking, investment, and insurance sectors, creating financial giants and sparking debate over its role in both modernization and increased systemic risk.
The Gramm-Leach-Bliley Act, signed in 1999, dramatically changed US finance by repealing parts of the 1933 Glass-Steagall Act. This allowed commercial banks, investment firms, and insurance companies to merge, creating massive financial institutions like Citigroup.
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