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SIGNING OF THE GRAMM-LEACH-BLILEY
FINANCIAL SERVICES MODERNIZATION ACT
FOR IMMEDIATE RELEASE
PR-68-99 (11-12-99)

Statement of Donna Tanoue, Chairman, Federal Deposit Insurance Corporation, on the signing of the Gramm-Leach-Bliley Financial Services Modernization Act, November 12, 1999:

"The signing of the Gramm-Leach-Bliley Financial Services Modernization Act lays a solid foundation for the future. The legislation blends the needs of consumers and financial services providers with key safeguards for safety and soundness. It should improve market efficiency and benefit consumers with greater choice and competition."

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 10,327 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.

FDIC press releases and other information, including today's quarterly listing, are available on the Internet via the World Wide Web at www.fdic.gov and may also be obtained through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).

Last Updated 11/12/1999 communications@fdic.gov