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Financial Legislation: The Promise and Record of the Financial Modernization Act of 1999

  • Tatom, John

On November 12, 1999, President Clinton signed the most significant piece of financial services regulation to be enacted since the Great Depression, at least up to that time. When the Financial Service Modernization Act of 1999, better known as the Gramm-Leach-Bliley Act (GLBA), was signed, the financial services industry faced strong pressures for deregulation of the rigid structure imposed during the Great Depression. During the 2007-08 financial crises and ensuing debate regarding financial services regulation, the GLBA became a target as members of the financial sector, academia and government considered possible triggers that may have precipitated the crisis.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 24609.

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Date of creation: 01 Aug 2010
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Handle: RePEc:pra:mprapa:24609
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  1. Barth,James R. & Caprio,Gerard & Levine,Ross, 2006. "Rethinking Bank Regulation," Cambridge Books, Cambridge University Press, number 9780521855761, September.
  2. George Benston, 2000. "Consumer Protection as Justification for Regulating Financial-Services Firms and Products," Journal of Financial Services Research, Springer;Western Finance Association, vol. 17(3), pages 277-301, September.
  3. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly Princeton University Press.
  4. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
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