Gramm Leach Bliley Modernization Act of 1999
History of the GLBA
The Gramm Leach Bliley Modernization Act of 1999 is a regulation that Congress passed on November 12, 1999, which attempts to update and modernize the financial industry. The main function of the Act was to repeal the Glass-Steagall Act that said banks and other financial institutions were not allowed to offer financial services, like investments and insurance-related services, as part of normal operations. The act is also known as the Financial Services Modernization Act. The Gramm-Leach-Bliley Act (GLBA), which is also known as the Financial Services Modernization Act of 1999, provides limited privacy protections against the sale of your private financial information. Additionally, the GLBA codifies protections against pretexting, the practice of obtaining personal information through false pretenses. (EPIC.org) Senator William Gramm
Senator William Philip Gramm, also known as Phil, is a Representative and Senator from Texas. From 1978 to 1983, he served as a Democratic Congressman. Then from 1983 to 1985, Senator Gramm served as a Republican Congressman. Most recently, from 1985-2002, he served as a Republican Senator.
After graduating from the University of Georgia in 1964, he continued at U of G to receive his doctorate in 1967. William Gramm was a professor of economics from 1967-1978. During this period, from 1971-1978, he also founded an economic consulting firm by the name of Gramm & Associates. In 1981, he co-sponsored the Gramm-Latta Budget which implemented President Ronald Reagan's economic program, increased military spending, cut other spending, and mandated the Economic Recovery Tax Act of 1981. Just days after being reelected in 1982, Gramm was thrown off the House Budget Committee for supporting Reagan's tax cuts. In response, Gramm resigned his House seat on January 5, 1983. He then ran as a Republican for his own spot in a February 12, 1983 special election, and...
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