Gramm-Leach-Bliley Act – Background, Key Reforms & Provisions

• By: Staff Editor
• Date: June 30, 2009

The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999, was signed into law by President Bill Clinton and it repealed part of the Glass–Steagall Act of 1933. The Act opened up the market among banking, securities and insurance companies. It requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data.