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Chapter 7. FINANCIAL PRIVACY PLEASE: THE GRAMM-LEACH-BLILEY ACT

Chapter 7. FINANCIAL PRIVACY PLEASE: THE GRAMM-LEACH-BLILEY ACT

The privacy of your personal financial information held by companies with which you do business is not just a matter of an increase in junk mail solicitations from such companies. The less private and secure your personal financial information is, the more likely you are to be a victim of identity theft.

Which appears more difficult to remember: the Gramm-Leach-Bliley Act or the Financial Services Modernization Act? Whatever you call it, when it comes to protecting the privacy of consumers, the law is a confusing amalgam of guidelines that help the financial industries much more than they do consumers. Although trumpeted by some politicians as a law that helps to protect consumers' privacy, the Gramm-Leach-Bliley Act, a federal law, does little to achieve that end. Rather, its intention all along was to legalize banks', insurance companies', and investment companies' ability to merge or more effectively do business together.


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