The Recent Financial Services Modernization (Gramm-Leach-Bliley) Act, Passed in the U.S

True/False

The recent Financial Services Modernization (Gramm-Leach-Bliley) Act, passed in the U.S. in November 1999, now allows banks, thrifts, insurance companies and securities firms to enter each other's backyard through a centuries-old financial structure, the holding company. In the holding company, different affiliated firms offer different groups of services but all are owned by one controlling company at the top of the organization. A model of this kind is called the "Financial Holding Company Model."