Question: 8 Multiple Choice 2 points The Financial Modernization Act ( 1 9 9 9 ) changed federal law that earlier prevented banks, insurers, and investment

8

Multiple Choice

2

points

The Financial Modernization Act

(1999)

changed federal law that earlier prevented banks, insurers, and investment firms from competing outside their core area. One aspect of the Act allowed which of the following:

The Federal Reserve has umbrella authority over bank affiliates that engage in underwriting insurance

States only can regulate banks

The SEC cannot review and regulate the sale of securities

Federal Insurance departments are only allowed to regulate insurers

8 Multiple Choice 2 points The Financial

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