25 jan 1999 ano - Gramm-Leach-Bliley Act

Descrição:

Allows banks to have more control over banking, insurance and securities. It came to be this way when companies that perform two different services started merging, this caused the U.S Federal Reserve to give a temporary waiver because the violation would have been illegal under the Glass-Steagall Act. This set up the format for the Gramm-Leach-Billey Act. The cons of the act is that it means less privacy since your health insurance company could merge with your commercial banking company this means that they could share information between them and etc. This could also mean less competition and a potential monopoly formed by the banks to make a unified one which would mean less consumer friendly.