Which of the Following Acts Allowed Banks, Securities Firms and Insurance

question 89

Multiple Choice

Which of the following acts allowed banks, securities firms and insurance companies to affiliate under common ownership and to offer the public a vast array of financial services under one umbrella.

• A)the Glass-Steagall Act
• B)the Interstate Banking and Branching Efficiency Act (IBBEA)
• C)the McFadden Act
• D)the Gramm-Leach-Bliley Act

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Definitions:

Deposits

Deposits refer to the funds that customers place into their bank accounts, which can include savings, checking, and other types of accounts.

Required Reserve Ratio

The fraction of deposits that regulators require a bank to hold in reserve and not lend out.

Checkable Deposits

Bank account balances that can be withdrawn using checks, debit cards, or electronic transfers.

Government Securities

Financial instruments issued by a government to raise funds from the public. These can include bonds, treasury bills, and other debt instruments with a promise to pay specified sums at future dates.