ABC Insurance Company would like to purchase a bank. For many years, A

ABC Insurance Company would like to purchase a bank. For many years, ABC was not permitted under federal law to enter into banking operations.

Which of the following legislative acts eliminated the prohibition that prevented banks, insurers, and investment firms from entering into one another’s markets?
A) The McCarran-Ferguson Act
B) The Tax Reform Act
C) The Consolidated Omnibus Budget Reconciliation Act
D) The Financial Modernization Act (Gramm-Leach-Bliley Act)

ANSWER

Answer: D