Which of the Following Statements Is Incorrect with Respect to the Financial

question 5

Multiple Choice

Which of the following statements is incorrect with respect to the Financial Services Modernization Act of 1999?

• A)It complemented the Glass-Steagall Act.
• B)It enabled commercial banks to more easily pursue securities and insurance activities.
• C)It gave securities firms and insurance companies the right to acquire banks.
• D)The Act requires that commercial banks must have a strong rating in community lending in order to pursue additional expansion in securities and other nonbank activities.
• E)All of the above are true.