21-10 the Financial Services Modernization Act Repealed the Glass-Steagall Barriers

question 77

True/False

21-10 The Financial Services Modernization Act repealed the Glass-Steagall barriers between commercial banking and investment banking.

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Definitions:

Warranty Liability

The legal obligation of a seller to provide compensation for faults in goods or property that were sold under warranty.

Primarily Liable

The direct obligation of an entity or individual to pay a debt or fulfill a contractual commitment without depending on another's performance of duty.

Secondarily Liable

A condition wherein an individual or entity is obligated to fulfill a duty or payment if the primarily liable party fails to do so.

Primary Liability

The main or first layer of responsibility for fulfilling a financial or legal obligation.