The Graham-Leach-Bliley Act is a critical piece of legislation that affects the executive management of publicly traded corporations and public accounting firms.

True or False?

False.

Explanation:

The Gramm-Leach_Bliley Act (GLBA) is also known as the Financial Services Modernization Act of 1999. It affected the banking companies (commercial and investment), securities companies and insurance companies. Basically, it allowed them to consolidate, by removing the before put barriers. It was signed into law by the President Bill Clinton.

With this act, the aforementioned entities were allowed to consolidate which lead to widespread deregulation of the banking system.