Which previous act was repealed by the Graham-Leach-Bliley Act of 1999?

The Graham-Leach-Bliley Act of 1999, also known as the Financial Services Modernization Act, effectively repealed key provisions of the Glass-Steagall Act. Originally enacted in 1933, the Glass-Steagall Act established a separation between commercial banking and investment banking activities to reduce the risk of financial speculation and conflicts of interest. By repealing these provisions, the Graham-Leach-Bliley Act allowed affiliations between financial institutions, including banks, securities firms, and insurance companies, thereby enabling them to offer a wider range of financial services under one roof. This significant change marked a shift in the regulatory approach to financial services in the U.S., embracing a more integrated financial services industry. The repeal was a pivotal moment that has had lasting impacts on the structure and regulation of financial markets.