Question

The ________ allowed banks, investment firms, and insurance companies to consolidate. It also introduced some consumer protections, such as requiring creditagencies to provide consumers with one free credit report per year.

a. Sarbanes-Oxley Act(SOX)
b. Gramm-Leach-Bliley Act (GLBA)
c. 21 CFR Part 11
d. Homeland Security
e. Presidential Directive 12 (HSPD 12)

Answer 1

Answer: Graam-Leach Bliley Act(GLBA).

Explanation: This Act was passed by the United States of America Congress,it failed to the the SEC(security and exchange commission) the authority to regulate large investment firms.

This act allowed Financial services firms such as Insurance,Banks and investment firms to consolidate making them more viable and able to withstand market forces. It made some rules called the safeguard rules which enabled financial firms to protect their clients from various risks.