Banking and Insurance: Before and after the Gramm-Leach-Bliley Act

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I. INTRODUCTION

The Gramm-Leach-Bliley Act of 1999 (GLB)1 is landmark financial services legislation. GLB is the culmination of over thirty years of effort to reform the regulation of financial services.2 During this period, Congress considered numerous bills without reaching consensus.3 GLB was enacted on November 12, 1999, and many of its most significant provisions became effective on March 1, 2000.4 For many observers, GLB is notable for its repeal of the Glass-Steagall Acts restrictions on commercial bank affiliates' investment banking activities. Of equal interest, however, are provisions that widen the entrance for banks into the insurance industry. Both sets of changes …