The Financial Services Modernization Act (GLBA) of 1999 was sought to modernize the U.S. financial services industry, which was regulated by depression era regulation such as the Glass-Steagall Act (1933) and the Bank Holding Company Act (1956), and to introduce more competition in the U.S. financial services industry. It is argued that the GLBA is going to shape the future of the U.S. financial services industry. Empirical studies have documented that this regulation has created opportunities for domestic financial institutions. However, is the GLBA going to affect foreign banks? Does the regulation offer opportunity for foreign banks or is it going to create a barrier to entry, expansion, and operation of foreign banks in the United States? The resolution of these questions has implication for policy makers and for the banking industry. In this study we seek to provide answers to these questions.
All Science Journal Classification (ASJC) codes
- Economics, Econometrics and Finance(all)
- Business, Management and Accounting(all)