Gramm-Leach-Bliley Act

Gramm-Leach-Bliley Act definition - finance
Legislation that broke down the long-time prohibition against one bank offering commercial loans and providing investment banking services. The act allows one bank within a holding company structure to own an insurance company, sell securities to the public, and provide loans to companies. It repeals the 66-year old Glass-Steagall Act, which prevented banks, securities firms, and insurance companies from being affiliated. However, non-financial companies are prevented from owning banks.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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