Security
Archive Article:
Gramm-Leach-Bliley Act Overview
President
Bill Clinton signed the Gramm-Leach-Bliley Act into law on November 12, 1999
(Public Law 106-102). His goal was to modernize outdated financial services
laws, add new privacy policies, and better protect customers. Since the
banking, insurance, and securities industries were separated due to
Depression-era barriers, those had to be repealed in order to provide
consumers the ability to decide whether their personal information is
distributed outside the company. Since several different entities will be
responsible for enforcing this new law, the penalties and methods for
enforcement will vary.
For further information regarding the Gramm-Leach-Bliley Act, please visit:
http://www.senate.gov/~banking/conf/grmleach.htm