The "Subsidiary Model" permitted under the new Gramm-Leach-Bliley Act allows one financial service provider (e.g., a bank) to sell other services through its own subsidiary firms.

Question

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The Gramm-Leach-Bliley Act, enacted in 1999, allows financial institutions to merge and offer a broader array of services through subsidiaries, including banking, securities, and insurance services, thus permitting the "Subsidiary Model."

The "Subsidiary Model" Permitted Under the New Gramm-Leach-Bliley Act Allows