The Main Outcome of the Gramm-Leach-Bliley Act of 1999 Is

question 14

Multiple Choice

The main outcome of the Gramm-Leach-Bliley Act of 1999 is to allow:

• A) banks, insurers and security dealers to openly compete with one another
• B) banks, insurers and security dealers to form financial services holding companies
• C) insurers to choose between state or federal regulation
• D) banks to evade the provisions of the Glass-Steagall Act

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Definitions:

MICR Recording Area

A section on checks encoded with magnetic ink character recognition technology to facilitate the electronic processing of bank checks.

Routing Number

A nine-digit code used in the United States to identify a financial institution in a transaction.

ABA Number

A fraction appearing in the upper-right corner of all printed checks that identifies the geographic area and specific bank on which the check is drawn.

Pay to the Order

A financial instruction found on a check, directing the bank to pay a specified amount to the individual or entity named.