The Gramm-Leach-Bliley Act
Matthew Williams
Professor Clifford Bryan
FIN 330
4/15/2014
Gramm-Leach-Bliley Act
The financial crisis of 2008 is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. First signs of the crisis started to show in 2007 when the price of houses started to fall rapidly in the United States and then around the world. This financial crisis resulted in the failure of many large US financial institutions, banks to be bailout by the United States government, and the stock markets around the world were affected. One of the major issues leading to the financial crisis was the rising default on subprime lending. Large financial institutions were in completion with each other for revenue and market share, …show more content…
Senate, while Representative Jim Leach introduced the respective report to the U.S. House of Representatives. The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. In both houses of Congress, debates broke out both in favor and apposing the reports. On of the major member of Congress that apposed the deregulation of the Glass-Steagall Act was Representative John Dingell who argued that the bill would result in the banks becoming “too big to fail.” He also stated if this bill was passed in the future the Federal Government would need to bailout banks that come in financial problems.4 The Act had a hard time passing through both Houses of Congress with out compromise between the two political parties. The Democrats only agreed to support the bill after the Republicans agreed to strengthen provisions of the anti-redlining Community Reinvestment Act which regulated Federal laws pertaining to community development, housing, and related programs.5 On November 4, the final bill was passed through the Senate and the House after resolving the differences between the Democrats and the Republicans. President Bill Clinton signed the legislation into law on November 12, …show more content…
The Federal Trade has brought several cases against information brokers who engage in pretexting. 7 Pretexting occurs when someone tries to gain access to personal nonpublic information without proper authority to do so. In order to prevent from pretexting the Gramm-Leach-Bliley Act encourages financial institutions to implement Safeguards. Under the United States law, pretexting by individuals is punishable as a common law crime of False
Professor Clifford Bryan
FIN 330
4/15/2014
Gramm-Leach-Bliley Act
The financial crisis of 2008 is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. First signs of the crisis started to show in 2007 when the price of houses started to fall rapidly in the United States and then around the world. This financial crisis resulted in the failure of many large US financial institutions, banks to be bailout by the United States government, and the stock markets around the world were affected. One of the major issues leading to the financial crisis was the rising default on subprime lending. Large financial institutions were in completion with each other for revenue and market share, …show more content…
Senate, while Representative Jim Leach introduced the respective report to the U.S. House of Representatives. The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. In both houses of Congress, debates broke out both in favor and apposing the reports. On of the major member of Congress that apposed the deregulation of the Glass-Steagall Act was Representative John Dingell who argued that the bill would result in the banks becoming “too big to fail.” He also stated if this bill was passed in the future the Federal Government would need to bailout banks that come in financial problems.4 The Act had a hard time passing through both Houses of Congress with out compromise between the two political parties. The Democrats only agreed to support the bill after the Republicans agreed to strengthen provisions of the anti-redlining Community Reinvestment Act which regulated Federal laws pertaining to community development, housing, and related programs.5 On November 4, the final bill was passed through the Senate and the House after resolving the differences between the Democrats and the Republicans. President Bill Clinton signed the legislation into law on November 12, …show more content…
The Federal Trade has brought several cases against information brokers who engage in pretexting. 7 Pretexting occurs when someone tries to gain access to personal nonpublic information without proper authority to do so. In order to prevent from pretexting the Gramm-Leach-Bliley Act encourages financial institutions to implement Safeguards. Under the United States law, pretexting by individuals is punishable as a common law crime of False