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22 February, 00:23

Rosserdam Bank, a commercial bank in Louisiana, which was previously barred from dealing in securities market and selling insurance, began involving itself in such activities in the 90s. Which of the following acts allowed Rosserdam Bank the liberty to perform those activities?

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  1. 22 February, 00:51
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    The Gramm-Bliley-Leach Act gives the Rosserdam Bank the liberty to perform those activities

    Explanation:

    The Financial Services Modernization Act of 1999 as Gramm-Bliley-Leach Act is popularly known, came into effect to override some sections of Glass-Steagall Act of 1933 which earlier prohibited insurance companies, commercial banks and investment banks from acting as one-stop shop for investment, insurance and commercial banking activities.

    With new act taking its effect, a commercial bank customer does not have to go next door to get his or her investment and insurance needs satisfied as his or her commercial banker effectively serves as investment banker and insurance broker.
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