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The 1998 Repeal of Glass Steagall (1933) - Essay Example

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Name: Course: Date: The 1998 Repeal of Glass Steagall (1933) The 1998 Financial Services Modernization Act is a law that served to remove the barriers that earlier separated the commercial banks form other forms of financial institutions and allowed such institutions to merge (Calabria, 2009)…

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The 1998 Repeal of Glass Steagall (1933)

The reasoning behind the enactment of this act was to provide the customers with a one stop financial mart, where they could undertake all their financial activities with one institution, including both saving and investment (Bartiromo, 2008). Before the legislation, individuals could make their savings with the financial banks but turn to other financial institutions for investment. The legislation allowed the commercial banks to merge with other financial services providing institutions and form Financial Holding Companies (FHC). With such mergers, the combination of these financial service providers allowed them to indulge in all forms of financial activities for their customers (Gramm, 2009). Thus, the FHCs were free to provide such services as granting loans, insurance underwriting and policy offers, brokerage and investment services to their customers, without the necessity of customers seeking such services from different institutions (Benston, 1972). Thus, the enactment was sort after, to ease customer activities of saving and investment. ...
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