Gramm-Leach-Bliley Act

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The Gramm-Leach-Bliley Act (GLB Act) of 1999, also known as the Financial Services Modernization Act of 1999, is widely seen as being essentially a repeal of the 1933 Glass-Steagall Act.

Among other things, the GLB Act removed the wall separating investment banking (more risky but with higher returns) and commercial banking (more dependable but with lower returns), which is generally believed to be one of the larger mistakes leading to the 2008 financial meltdown.

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I had a note that repealing Glass-Steagall had been a GOP agenda item for quite some time before this, but I don't have the source for that information; this needs to be tracked down. It's certainly consistent with their anti-regulatory mania, though. --Woozle 18:47, 14 December 2009 (UTC)