Public Law 106-102

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Public Law 106-102 is the formal designation of the Gramm-Leach-Bliley Act of 1999, a major U.S. financial services law that deregulated parts of the banking industry and established new consumer privacy protections.

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Public Law 106-102 canonical 1

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Statements (50)

Predicate Object
instanceOf United States federal statute
financial services law
administeredBy Federal Trade Commission
Securities and Exchange Commission
federal banking agencies
state insurance regulators
chamberOfOrigin United States Senate
congressNumber 106th United States Congress
containsProvision Pretexting provisions
HIPAA Privacy Rule
surface form: Privacy Rule

Gramm-Leach-Bliley Act of 1999
surface form: Safeguards Rule
country United States of America
surface form: United States
dateSigned 1999-11-12
effect allowed banks to affiliate with securities and insurance firms
created new privacy notice requirements for financial institutions
created opt-out rights for consumers regarding sharing of certain personal financial information
deregulated parts of the U.S. banking industry
imposed safeguards obligations on financial institutions to protect customer information
permitted creation of financial holding companies
enables creation of financial holding companies under the Bank Holding Company Act
hasAlternativeName Gramm-Leach-Bliley Act of 1999
surface form: Financial Services Modernization Act of 1999
hasLongTermImpact established baseline federal standards for financial privacy in the United States
increased consolidation in the U.S. financial services industry
hasOfficialName Gramm-Leach-Bliley Act of 1999
surface form: Gramm-Leach-Bliley Act
hasShortName Gramm-Leach-Bliley Act of 1999
surface form: GLBA
jurisdiction United States government
surface form: United States federal government
partyOfSigner Democratic Party
surface form: Democratic Party (United States)
primarySponsors Jim Leach
Phil Gramm
Thomas J. Bliley Jr.
publicLawNumber 106-102
purpose allow affiliations among banks, securities firms, and insurance companies
establish standards for the protection of consumers’ nonpublic personal information
modernize financial services regulation in the United States
repeal key provisions of the Glass-Steagall Act
regulates banks
financial institutions
insurance companies
securities firms
repealsPartOf Bank Holding Company Act of 1956
Glass–Steagall Act
surface form: Glass-Steagall Act
sector financial sector
signedBy Bill Clinton
subjectMatter banking regulation
consumer financial privacy
financial services
insurance regulation
securities regulation
titleOfStatutesAtLarge 113 Stat. 1338
yearEnacted 1999

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