What is the main function of the Graham-Leach-Bliley Act?

The Graham-Leach-Bliley Act, also known as the Financial Services Modernization Act of 1999, primarily focuses on establishing rules for the protection of consumers' personal financial information. One of its main functions is to ensure that financial institutions have privacy policies in place to safeguard sensitive consumer data and to disclose these policies to consumers.

The act requires financial institutions to explain their information-sharing practices and to give consumers the opportunity to opt-out of having their information shared with non-affiliated third parties. This emphasis on privacy and information sharing is crucial in the financial services industry, where individuals' financial data is at risk of misuse. Therefore, the correct answer highlights the significance of privacy regulations that the Graham-Leach-Bliley Act mandates, emphasizing the importance of consumer rights in the context of financial data.