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Chicago Fed Letter, No. 166, June 2001
Do Markets React to Regulatory Information?

On November 12, 1999, banks received permission to become full-fledged financial service providers with the passage of the Gramm–Leach–Bliley (GLB) Act. The GLB Act permits banks and bank holding companies (BHCs) to convert to a financial holding company (FHC) structure and engage in a broader array of new activities, including merchant banking, as well as removing prior restrictions on their ability to offer insurance and securities products.

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