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Board of Governors of the Federal Reserve System U. S. Department of the Treasury

By United States Department of the Treasury

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Book Id: WPLBN0000655834
Format Type: PDF eBook
File Size: 524.69 KB.
Reproduction Date: 2005
Full Text

Title: Board of Governors of the Federal Reserve System U. S. Department of the Treasury  
Author: United States Department of the Treasury
Volume:
Language: English
Subject: Government publications, Economics., United States. Department of the Treasury--Appropriations and Expenditures.
Collections: U.S. Department of the Treasury Collection
Historic
Publication Date:
Publisher: United States Department of the Treasury

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Department Of The Treasury, U. S. (n.d.). Board of Governors of the Federal Reserve System U. S. Department of the Treasury. Retrieved from http://hawaiilibrary.net/


Description
Government Reference Publication

Excerpt
Background: The Gramm-Leach-Bliley Act significantly altered the legal framework governing the permissible affiliations and activities of banking organizations in the United States. Enacted on November 12, 1999, it repealed the provisions of the Glass-Steagall Act and the Bank Holding Company Act of 1956 (BHC Act) that previously had constrained the ability of banking organizations, securities firms, and insurance companies to affiliate and compete with each other. By removing these legal barriers, the Gramm-Leach-Bliley Act (GLB Act or Act) created a two-way street that permits banks, securities firms, and insurance companies to affiliate with each other through the financial holding company (FHC) structure when, or if, the organization believes such action is appropriate in light of the organization?s competitive strategy or market developments. In other words, the Act allows existing bank holding companies to acquire full-service securities firms and insurance companies, and it allows securities f...

Table of Contents
Contents ?Introduction and Executive Summary....................................................................... 1 I. Financial Activities Conducted by Financial Holding Companies................... 5 II. Actions by the Board and the Secretary to Expand or Clarify the Types ?of Activities Permissible for FHCs .................................................................... 16 III. Risks Posed by the Commercial Activities of FHCs ........................................ 31 IV. The Effect of Mergers and Acquisitions under Section 4(k) on ?Concentration in the Financial Services Industry ........................................... 33 Appendix A: Section 103(d) of the GLB Act .......................................................... 40 Appendix B: Activities Defined To Be Financial in Nature by the GLB Act ...... 41

 

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