Gramm-Leach-Bliley Act

Gramm-Leach-Bliley Act

There is no question the GLBA contributed to the Financial Disaster of 2008.

The influence of big profits by unregulated investment institutions was too great a temptation for regulated banks (Glass-Steagall Act) and Republicans.

The GLBA made the problem worse, but the heart of the problem leads back to the Community Reinvestment Act, a socialistic program passed by democrats in 1977 in the Carter democratic administration and strengthened in 1995 in the Clinton democratic administration.

There is no question Republicans yielded to the temptation of the money, but I would assess the blame as 80% democrats and 20% Republicans.

Democrats are unfit for running the government because they enact socialistic/Atheistic legislation that create financial and moral messes.

It is unfortunate that the Atheistic Liberal News and Entertainment Media provides propaganda to help get democrats elected to control the government.

There is a cultural war in America between Christians and Atheists. This war is being fought on the battlefield of politics. The battles are in the voting booth. The prize in the cultural war is the hearts, minds and souls of the children. The Atheistic liberal news media greatly influences both domestic and foreign policy by constantly reporting only bad news about Christians, Conservatives and Republicans and only good news about atheists, liberals and democrats. The agenda of the Atheistic liberal news media is to promote evolution, extreme environmentalism, socialism, feminism, pornography, abortion, adultery, homosexuality and the Atheistic Lifestyle by having democrats in control of government.

-----------------------------------

Gramm-Leach-Bliley Act
From Wikipedia, the free encyclopedia

http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act

The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999, is an Act of the United States Congress which repealed part of the Glass-Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.

The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services under brands including Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Company Act by combining insurance and securities companies, if not for a temporary waiver process [1]. The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry.

Remaining restrictions
Crucial to the passing of this Act was an amendment made to the GLBA, stating that no merger may go ahead if any of the financial holding institutions, or affiliates thereof, received a "less than satisfactory [sic] rating at its most recent CRA exam", essentially meaning that any merger may only go ahead with the strict approval of the regulatory bodies responsible for the Community Reinvestment Act (CRA).[9]. This was an issue of hot contention, and the Clinton Administration stressed that it "would veto any legislation that would scale back minority-lending requirements." [10]