Journal Article

Financial modernization: vastly different or fundamentally the same?

Abstract: The Financial Modernization Act (Gramm-Leach-Bliley), passed by Congress last fall, represents another step in dismantling a regulatory structure established almost 70 years ago. Just what far-reaching consequences will enactment of this legislation have? In this article, Ed Boehne looks at five questions about banking industry trends in relation to implementation of Gramm-Leach-Bliley. In the end, Boehne argues, the financial services industry will be different in terms of its structure and delivery systems. Nevertheless, it will remain fundamentally the same in one important way: the underpinning of a stable and successful financial system has been, and will continue to be, public confidence.

Keywords: Banks and banking; Gramm-Leach-Bliley Act;

Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Business Review

Publication Date: 2000

Issue: Jul

Pages: 3-14