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The Gramm–Leach–Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999 and commonly pronounced ″glibba″, () is an act of the 106th United States Congress (1999–2001). It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. With the bipartisan passage of the Gramm–Leach–Bliley Act, commercial banks, investment banks, securities firms, and insurance companies were allowed to consolidate. Furthermore, it failed to give to the SEC or any other financial regulatory agency the authority to regulate large investment bank holding companies. The legislation was signed into law by President Bill Clinton. A year before the law was passed, Citicorp, a commercial bank holding company, merged with the insurance company Travelers Group in 1998 to form the conglomerate Citigroup, a corporation combining banking, securities and insurance services under a house of brands that included Citibank, Smith Barney, Primerica, and Travelers. Because this merger was a violation of the Glass–Steagall Act and the Bank Holding Company Act of 1956, the Federal Reserve gave Citigroup a temporary waiver in September 1998.〔Broome, Lissa Lamkin; & Markham, Jerry W. (2001). The Gramm–Leach–Bliley Act: An Overview. Retrieved from http://www.symtrex.com/pdfdocs/glb_paper.pdf.〕 Less than a year later, GLBA was passed to legalize these types of mergers on a permanent basis. The law also repealed Glass–Steagall's conflict of interest prohibitions "against simultaneous service by any officer, director, or employee of a securities firm as an officer, director, or employee of any member bank".〔(【引用サイトリンク】title=Bill Summary & Status 106th Congress (1999–2000) S.900 CRS Summary – Thomas (Library of Congress) )〕 ==Legislative history== The banking industry had been seeking the repeal of the 1933 Glass–Steagall Act since the 1980s, if not earlier. In 1987 the Congressional Research Service prepared a report that explored the cases for and against preserving the Glass–Steagall act.〔(IB87061: Glass-Steagall Act: Commercial vs. Investment Banking ), ''Congressional Research Service'' (CRS)〕 Respective versions of the legislation were introduced in the U.S. Senate by Phil Gramm (Republican of Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001. During debate in the House of Representatives, Rep. John Dingell (Democrat of Michigan) argued that the bill would result in banks becoming "too big to fail." Dingell further argued that this would necessarily result in a bailout by the Federal Government. The House passed its version of the ''Financial Services Act of 1999'' on July 1, 1999, by a bipartisan vote of 343–86 (Republicans 205–16; Democrats 138–69; Independent 0–1),〔(H.R.10: Financial Services Act of 1999, ''EH'' ), July 1, 1999, ''Engrossed as Agreed to or Passed by House'', Library of Congress〕〔(Consideration of H.R.10: Financial Services Act of 1999 ), ''All Congressional Actions & Reports of H.R.10'', ''Congressional Record''〕 two months after the Senate had already passed its version of the bill on May 6 by a much-narrower 54–44 vote along basically-partisan lines (53 Republicans and 1 Democrat in favor; 44 Democrats opposed).〔(S.900: Financial Services Modernization Act of 1999, ''ES'' ), May 6, 1999, ''Engrossed as Agreed to or Passed by Senate'', Library of Congress〕〔(Consideration of S.900: Financial Services Modernization Act of 1999 ), ''All Congressional Actions & Reports of S.900'', ''Congressional Record''〕〔Congressional roll-call at (S.900 as amended: Financial Services Modernization Act of 1999, Record Vote No: 105 ), May 6, 1999, U.S. Senate Roll Call Votes.〕〔Sen. Fritz Hollings (D-S. Carolina) voted in favor, Sen. Peter Fitzgerald (R-Illinois) voted "present" and Sen. James Inhofe (R-Oklahoma) did not vote. A table with members' full names, sortable by vote, state, region and party, may be found at S.900 as amended: Gramm–Leach–Bliley Act, roll call 105, 106th Congress, 1st session. Votes Database at ''The Washington Post''. Retrieved on 2008-10-09 from http://projects.washingtonpost.com/congress/106/senate/1/votes/105/.〕 When the two chambers could not agree on a joint version of the bill, the House voted on July 30 by a vote of 241–132 (R 58–131; D 182–1; Ind. 1–0) to instruct its negotiators to work for a law which ensured that consumers enjoyed medical and financial privacy as well as "robust competition and equal and non-discriminatory access to financial services and economic opportunities in their communities" (i.e., protection against exclusionary redlining). The bill then moved to a joint conference committee to work out the differences between the Senate and House versions. Democrats agreed to support the bill after Republicans agreed to strengthen provisions of the anti-redlining Community Reinvestment Act and address certain privacy concerns; the conference committee then finished its work by the beginning of November.〔("Republicans' Revised Banking Bill Greeted With Veto Promise" ), Washington Post, October 13, 1999, p.E03〕〔(The War on CRA: Opportunity in Next Wave of Mergers ), Cincotta, National Housing Institute, 1999〕 On November 4, the final bill resolving the differences was passed by the Senate 90–8,〔Congressional roll-call: (S.900 as reported by conferees: Financial Services Act of 1999, Record Vote No: 354 ), November 4, 1999, Clerk of the Senate. Sortable unofficial table: (On Agreeing to the Conference Report, S.900 Gramm-Bliley-Leach Act, roll call 354, 106th Congress, 1st session ) Votes Database at ''The Washington Post'', retrieved on October 9, 2008〕〔52 Republicans and 38 Democrats voted for the bill. Sen. Richard Shelby of Alabama (Republican, formerly a Democrat) voted against it, as did 7 Democratic Senators: Barbara Boxer (Calif.), Richard Bryan (Nevada), Byron Dorgan (N. Dakota), Russell Feingold (Wisc.), Tom Harkin (Iowa), Barbara Mikulski (Maryland) and Paul Wellstone (Minn.) Sen. Peter Fitzgerald (R-Illinois) again voted "present", while Sen. John McCain (R-Arizona) did not vote.〕 and by the House 362–57.〔Congressional roll-call: (On the passage of S.900: Financial Services Act of 1999, Record Vote No: 570 ), November 4, 1999, Clerk of the U.S. House. Sortable unofficial table: (On Agreeing to the Conference Report, S. 900 Financial Services Modernization Act, roll call 570, 106th Congress, 1st session ) Votes Database at ''The Washington Post'', retrieved on October 9, 2008〕〔Republicans voted 207–5 in favor with 10 not voting. Democrats voted 155–51 in favor, with 5 not voting. Independent-Socialist Rep. Bernard Sanders of Vermont voted no.〕 The legislation was signed into law by President Bill Clinton on November 12, 1999.〔("S. 900: Gramm–Leach–Bliley Act" ), 106th Congress – 1st Session, ''GovTrack.us''.〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Gramm–Leach–Bliley Act」の詳細全文を読む スポンサード リンク
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