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This year marks the 20th anniversary of the Financial Services Modernization Act (FSMA), also known as the Gramm–Leach–Bliley Act, signed into law in President Clinton’s second term. The goal of this legislation was to improve the efficiency and competitiveness of the financial services industry by removing legal barriers between commercial and investment banking. In reality, it laid the groundwork for an oligopolistic universal banking industry, in which a small number of institutions provide a wide variety of services across the commercial and investment banking spectrum.

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