Editing Gramm–Leach–Bliley Act (section)

==Legislative history==
The banking industry had been seeking the repeal of the 1933 Glass–Steagall Act since the 1980s, if not earlier.<ref>{{cite news | url =https://blogs.wsj.com/deals/2009/11/12/john-reed-vikram-pandit-re-consider-glass-steagall-10-years-on/ | title =John Reed, Vikram Pandit Re-Consider Glass-Steagall 10 Years | author =Shanny Basar | newspaper =[[Wall Street Journal]] | date =November 9, 2012 | url-status =live | archive-url =https://web.archive.org/web/20160315215437/http://blogs.wsj.com/deals/2009/11/12/john-reed-vikram-pandit-re-consider-glass-steagall-10-years-on/ | archive-date =March 15, 2016 }}</ref><ref>{{cite web | url =http://www.unarts.org/H-II/ref/949-3747-1-PB-1.pdf | title =The Repeal Of The Glass- Steagall Act And The Current Financial Crisis | author =Corinne Crawford | author2 =Borough of Manhattan Community College | author2-link =Borough of Manhattan Community College | volume =9 | pages =127–133 | publisher =Journal of Business & Economics Research | date =January 2011 | url-status =live | archive-url =https://web.archive.org/web/20140611061019/http://www.unarts.org/H-II/ref/949-3747-1-PB-1.pdf | archive-date =2014-06-11 }}</ref> In 1987 the [[Congressional Research Service]] prepared a report that explored the cases for and against preserving the Glass–Steagall Act.<ref>[https://digital.library.unt.edu/govdocs/crs/permalink/meta-crs-9065:1 IB87061: Glass-Steagall Act: Commercial vs. Investment Banking] {{webarchive|url=https://web.archive.org/web/20100113065324/http://digital.library.unt.edu/govdocs/crs/permalink/meta-crs-9065:1 |date=2010-01-13 }}, ''Congressional Research Service'' (CRS)</ref>

[[Image:GrammLeachBliley.jpg|thumb|left|350px|[[United States Senate|Sen.]] [[Phil Gramm]] ([[Republican Party (United States)|R]], [[List of United States Senators from Texas|Texas]]), [[United States House of Representatives|Rep.]] [[Jim Leach]] ([[Republican Party (United States)|R]], [[Iowa's 2nd congressional district|Iowa]]), and Rep. [[Thomas J. Bliley, Jr.]] ([[Republican Party (United States)|R]], [[Virginia's 7th congressional district|Virginia]]), the co-sponsors of the Gramm–Leach–Bliley Act]]

Respective versions of the Financial Services Act were introduced in the [[U.S. Senate]] by [[Phil Gramm]] ([[Republican Party (United States)|Republican]] of Texas) and in the [[U.S. House of Representatives]] by [[Jim Leach]] (R-Iowa). The third lawmaker associated with the bill was Rep. [[Thomas J. Bliley, Jr.]] (R-Virginia), Chairman of the [[House Commerce Committee]] from 1995 to 2001.

During debate in the [[House of Representatives (United States)|House of Representatives]], Rep. [[John Dingell]] ([[Democratic Party (United States)|Democrat]] of Michigan) argued that the bill would result in banks becoming "too big to fail." Dingell further argued that this would necessarily result in a bailout by the Federal Government.<ref>{{cite video |people=John Dingell |date=Nov 4, 1999 |title=House Session |url=https://www.youtube.com/watch?v=y2RzRv8yQXQ |format=Flash |medium=Television production |publisher=C-SPAN |location=Washington, DC |time=03:02:11 |id=Program ID 153391-1 }}</ref>
The House passed its version of the ''Financial Services Act of 1999'' on July 1, 1999, by a bipartisan vote of 343–86 (Republicans 205–16; Democrats 138–69; [[Bernie Sanders|Independent]] 0–1),<ref name="HR10.EH">[http://thomas.loc.gov/cgi-bin/bdquery/z?d106:HR00010: H.R.10: Financial Services Act of 1999, ''EH''] {{webarchive|url=https://web.archive.org/web/20140925141917/http://thomas.loc.gov/cgi-bin/bdquery/z?d106:HR00010: |date=2014-09-25 }}, July 1, 1999, ''Engrossed as Agreed to or Passed by House'', [[Library of Congress]]</ref><ref name="HR10.ACTIONS">[http://thomas.loc.gov/cgi-bin/bdquery/z?d106:HR00010:@@@S Consideration of H.R.10: Financial Services Act of 1999] {{webarchive|url=https://web.archive.org/web/20081128144714/http://thomas.loc.gov/cgi-bin/bdquery/z?d106:HR00010:@@@S |date=2008-11-28 }}, ''All Congressional Actions & Reports of H.R.10'', ''[[Congressional Record]]''</ref>{{refn|Two Republicans and four Democrats did not vote.<ref name="106-276.EH">Congressional roll-call: [http://clerk.house.gov/evs/1999/roll276.xml H.R.10 as amended: Financial Services Act of 1999, Record Vote No: 276] {{webarchive|url=https://web.archive.org/web/20080917234441/http://clerk.house.gov/evs/1999/roll276.xml |date=2008-09-17 }}, July 1, 1999, [[Clerk of the United States House of Representatives]]</ref>|group=note}} two months after the Senate had already passed its version of the bill on May 6 by a much narrower 54–44 vote along basically partisan lines (53 Republicans and 1 Democrat in favor; 44 Democrats opposed).<ref name="S900.ES">[http://thomas.loc.gov/cgi-bin/bdquery/z?d106:SN00900: S.900: Financial Services Modernization Act of 1999, ''ES''] {{webarchive|url=https://web.archive.org/web/20081128144718/http://thomas.loc.gov/cgi-bin/bdquery/z?d106:SN00900: |date=2008-11-28 }}, May 6, 1999, ''Engrossed as Agreed to or Passed by Senate'', Library of Congress</ref><ref name="S900.ACTIONS">[http://thomas.loc.gov/cgi-bin/bdquery/z?d106:SN00900:@@@S Consideration of S.900: Financial Services Modernization Act of 1999] {{webarchive|url=https://web.archive.org/web/20160704224747/http://thomas.loc.gov/cgi-bin/bdquery/z?d106:SN00900:@@@S |date=2016-07-04 }}, ''All Congressional Actions & Reports of S.900'', ''Congressional Record''</ref><ref name="106-105.ES">Congressional roll-call at [https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00105#top S.900 as amended: Financial Services Modernization Act of 1999, Record Vote No: 105] {{webarchive|url=https://web.archive.org/web/20170708141448/https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00105 |date=2017-07-08 }}, May 6, 1999, U.S. Senate Roll Call Votes.</ref><ref group=note>Sen. [[Fritz Hollings]] (D-S. Carolina) voted in favor, Sen. [[Peter Fitzgerald (politician)|Peter Fitzgerald]] (R-Illinois) voted "present" and Sen. [[James Inhofe]] (R-Oklahoma) did not vote. A table with members' full names, sortable by vote, state, region and party, may be found at S.900 as amended: Gramm–Leach–Bliley Act, roll call 105, 106th Congress, 1st session. Votes Database at ''[[The Washington Post]]''. Retrieved on 2008-10-09 from {{cite web |url=http://projects.washingtonpost.com/congress/106/senate/1/votes/105/ |title=S 900 &#124; U.S. Congress Votes Database - the Washington PostThe Washington Post |access-date=2008-10-09 |url-status=live |archive-url=https://web.archive.org/web/20110613150306/http://projects.washingtonpost.com/congress/106/senate/1/votes/105/ |archive-date=2011-06-13 }}.</ref>

[[Image:Gramm-Leach-Bliley Vote 1999.png|right|thumb|400 px|Final Congressional vote by chamber and party, November 4, 1999]]

When the two chambers could not agree on a joint version of the bill, the House voted on July 30 by a vote of 241–132 (R 58–131; D 182–1; Ind. 1–0) to instruct its negotiators to work for a law which ensured that consumers enjoyed medical and financial privacy as well as "robust competition and equal and non-discriminatory access to financial services and economic opportunities in their communities" (i.e., protection against exclusionary [[redlining]]).{{refn|Independent Rep. [[Bernie Sanders]] of Vermont voted yes; 33 Republicans and 28 Democrats did not vote.<ref name="106-355.EH">Congressional roll-call: [http://clerk.house.gov/evs/1999/roll355.xml On Motion to Instruct Conferees – S.900: Financial Services Modernization Act of 1999, Record Vote No: 355] {{webarchive|url=http://archive.wikiwix.com/cache/20090420193406/http://clerk.house.gov/evs/1999/roll355.xml |date=2009-04-20 }}, July 30, 1999, Clerk of the U.S. House. Sortable unofficial table:  [http://projects.washingtonpost.com/congress/106/house/1/votes/355/ On Motion to Instruct Conferees, Financial Services Modernization Act, roll call 355, 106th Congress, 1st session] {{webarchive|url=https://web.archive.org/web/20080724231023/http://projects.washingtonpost.com/congress/106/house/1/votes/355/ |date=2008-07-24 }}, Votes Database at ''[[The Washington Post]]'', retrieved on October 12, 2008.</ref>|group=note}}

The bill then moved to a joint [[United States congressional conference committee|conference committee]] to work out the differences between the Senate and House versions. Democrats agreed to support the bill after Republicans agreed to strengthen provisions of the anti-redlining [[Community Reinvestment Act]] and address certain privacy concerns; the conference committee then finished its work by the beginning of November.<ref name="Veto Promise">[https://web.archive.org/web/20160307082732/https://www.highbeam.com/doc/1P2-630698.html "Republicans' Revised Banking Bill Greeted With Veto Promise"], Washington Post, October 13, 1999, p.E03</ref><ref name="NHI-CRA">[https://web.archive.org/web/20010119073300/http://www.nhi.org/online/issues/108/cincotta.html The War on CRA: Opportunity in Next Wave of Mergers], Cincotta, National Housing Institute, 1999</ref> On November 4, the final bill resolving the differences was passed by the Senate 90–8,<ref name="106-354.EH">Congressional roll-call: [https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00354 S.900 as reported by conferees: Financial Services Act of 1999, Record Vote No: 354] {{webarchive|url=https://web.archive.org/web/20180215044951/https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00354 |date=2018-02-15 }}, November 4, 1999, Clerk of the Senate. Sortable unofficial table: [http://projects.washingtonpost.com/congress/106/senate/1/votes/354/ On Agreeing to the Conference Report, S.900 Gramm–Bliley–Leach Act, roll call 354, 106th Congress, 1st session] {{webarchive|url=https://web.archive.org/web/20150803061353/http://projects.washingtonpost.com/congress/106/senate/1/votes/354/ |date=2015-08-03 }} Votes Database at ''[[The Washington Post]]'', retrieved on October 9, 2008</ref><ref group=note>52 Republicans and 38 Democrats voted for the bill. Sen. [[Richard Shelby]] of Alabama (Republican, formerly a Democrat) voted against it, as did 7 Democratic Senators: [[Barbara Boxer]] (Calif.), [[Richard Bryan]] (Nevada), [[Byron Dorgan]] (N. Dakota), [[Russell Feingold]] (Wisc.), [[Tom Harkin]] (Iowa), [[Barbara Mikulski]] (Maryland) and [[Paul Wellstone]] (Minn.) Sen. [[Peter Fitzgerald (politician)|Peter Fitzgerald]] (R-Illinois) again voted "present", while Sen. [[John McCain]] (R-Arizona) did not vote.</ref> and by the House 362–57.<ref name="106-570.EH">Congressional roll-call: [http://clerk.house.gov/evs/1999/roll570.xml On the passage of S.900: Financial Services Act of 1999, Record Vote No: 570] {{webarchive|url=http://archive.wikiwix.com/cache/20120811075643/http://clerk.house.gov/evs/1999/roll570.xml |date=2012-08-11 }}, November 4, 1999, Clerk of the U.S. House. Sortable unofficial table: [http://projects.washingtonpost.com/congress/106/house/1/votes/570/ On Agreeing to the Conference Report, S. 900 Financial Services Modernization Act, roll call 570, 106th Congress, 1st session] {{webarchive|url=https://web.archive.org/web/20081021103637/http://projects.washingtonpost.com/congress/106/house/1/votes/570/ |date=2008-10-21 }} Votes Database at ''[[The Washington Post]]'', retrieved on October 9, 2008</ref><ref group=note>Republicans voted 207–5 in favor with 10 not voting. Democrats voted 155–51 in favor, with 5 not voting. Independent Rep. [[Bernie Sanders]] of Vermont voted no.</ref> The legislation was signed into law by President [[Bill Clinton]] on November 12, 1999.<ref>[http://www.govtrack.us/congress/bill.xpd?bill=s106-900#votes "S. 900: Gramm–Leach–Bliley Act"] {{webarchive|url=https://web.archive.org/web/20110608043133/http://www.govtrack.us/congress/bill.xpd?bill=s106-900 |date=2011-06-08 }}, 106th Congress – 1st Session, ''GovTrack.us''.</ref><ref>{{Cite news|url=https://www.nytimes.com/1999/11/13/business/clinton-signs-legislation-overhauling-banking-laws.html|title=Clinton Signs Legislation Overhauling Banking Laws|newspaper=New York Times|date=November 13, 1999}}</ref>