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Gramm-Leach-Bliley Act Overview

President Bill Clinton signed the Gramm-Leach-Bliley Act into law on November 12, 1999 (Public Law 106-102). His goal was to modernize outdated financial services laws, add new privacy policies, and better protect customers. Since the banking, insurance, and securities industries were separated due to Depression-era barriers, those had to be repealed in order to provide consumers the ability to decide whether their personal information is distributed outside the company. Since several different entities will be responsible for enforcing this new law, the penalties and methods for enforcement will vary.
For further information regarding the Gramm-Leach-Bliley Act, please visit: http://www.senate.gov/~banking/conf/grmleach.htm