https://clintonwhitehouse5.archives.gov/WH/Accomplishments/eightyears-02.html
November 12 Financial Modernization Legislation Enacted
President Clinton signed the Financial Modernization Act into law, finally revamping a banking system that had been in place since the Great Depression. The new law will increase innovation and competition in the financial services industry, including traditional banking, insurance and securities industries, giving consumers greater choice and lower prices. The President insisted that the new regulatory structure permit banking institutions to expand into these newly authorized lines of business only if they satisfactorily serve the credit needs of their communities, and that the law include many of the consumer privacy provisions he proposed. (PL 106-102, signed 11/12/99)
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