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Can you summarize Pub. L. 106-102?
Public Laws of 106th Congress (1999 - 2000) > Gramm-Leach-Bliley Act
Short Summary
The Gramm-Leach-Bliley Act, enacted by the 106th Congress, enhances competition in the financial services industry by providing a prudential framework for the affiliation of banks, securities firms, insurance companies, and other financial service providers. The Act is divided into several titles, with Title I focusing on facilitating affiliation among banks, securities firms, and insurance companies. It repeals the Glass-Steagall Act, removes activity restrictions applicable to bank holding companies, and allows financial holding companies to engage in activities that are financial in nature or incidental to financial activities. The Act also streamlines supervision of bank holding companies, allows subsidiaries of national banks to engage in certain activities, preserves FTC authority, ensures national treatment for foreign banks, and establishes effective dates for the Act’s provisions. The Act also includes provisions related to functional regulation, insurance, unitary savings and loan holding companies, privacy, and other regulatory improvements.
Whom does it apply to?
Banks, securities firms, insurance companies, and other financial service providers
What does it govern?
Facilitating affiliation among banks, securities firms, and insurance companies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
U.S. Federal Government