Gramm-Leach-Bliley Act
Financial Services Modernization Act of 1999
§ LEGISLATIONfinance· 1999
What It Did
Repealed the Glass-Steagall separation of commercial and investment banking, allowing banks, securities firms, and insurance companies to consolidate. Critics argue it contributed to the conditions that led to the 2008 financial crisis.
The Vote
House · 362–57 (conference report)
D
138 YEA · 69 NAY
R
207 YEA · 5 NAY
Senate · 90–8 (conference report)
D
38 YEA · 7 NAY
R
52 YEA · 1 NAY
Key Sponsors
→ Phil Gramm (R-TX) · Senate
→ Jim Leach (R-IA) · House
→ Thomas J. Bliley Jr. (R-VA) · House
Sources: Congress.gov · VoteView · FRED
In the Years Following
Economic indicators related to this law, showing 5 years before through 10 years after.
Federal Funds Rate
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Corporate Profits After Tax
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Household Debt Service Ratio
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Many factors influence economic outcomes. This chart shows trends in the years surrounding this legislation — not necessarily caused by it.