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Financial modernization: vastly different or fundamentally the same?

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  • Edward G. Boehne

Abstract

The Financial Modernization Act (Gramm-Leach-Bliley), passed by Congress last fall, represents another step in dismantling a regulatory structure established almost 70 years ago. Just what far-reaching consequences will enactment of this legislation have? In this article, Ed Boehne looks at five questions about banking industry trends in relation to implementation of Gramm-Leach-Bliley. In the end, Boehne argues, the financial services industry will be different in terms of its structure and delivery systems. Nevertheless, it will remain fundamentally the same in one important way: the underpinning of a stable and successful financial system has been, and will continue to be, public confidence.

Suggested Citation

  • Edward G. Boehne, 2000. "Financial modernization: vastly different or fundamentally the same?," Business Review, Federal Reserve Bank of Philadelphia, issue Jul, pages 3-14.
    • Handle: RePEc:fip:fedpbr:y:2000:i:jul:p:3-14
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/business-review/2000/july-august/brja00eb.pdf
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    Keywords

    Banks and banking; Gramm-Leach-Bliley Act;

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