Gramm-Leach-Bliley Financial Services Modernization Act.
53 Republican Senators plus one Democrat - AYE
44 Democrats no Republicans - NAY
YEAs ---54
Abraham (R-MI)
Allard (R-CO)
Ashcroft (R-MO)
Bennett (R-UT)
Bond (R-MO)
Brownback (R-KS)
Bunning (R-KY)
Burns (R-MT)
Campbell (R-CO)
Chafee, J. (R-RI)
Cochran (R-MS)
Collins (R-ME)
Coverdell (R-GA)
Craig (R-ID)
Crapo (R-ID)
DeWine (R-OH)
Domenici (R-NM)
Enzi (R-WY)
Frist (R-TN)
Gorton (R-WA)
Gramm (R-TX)Grams (R-MN)
Grassley (R-IA)
Gregg (R-NH)
Hagel (R-NE)
Hatch (R-UT)
Helms (R-NC)
Hollings (D-SC)Hutchinson (R-AR)
Hutchison (R-TX)
Jeffords (R-VT)
Kyl (R-AZ)
Lott (R-MS)
Lugar (R-IN)
Mack (R-FL)
McCain (R-AZ)McConnell (R-KY)
Murkowski (R-AK)
Nickles (R-OK)
Roberts (R-KS)
Roth (R-DE)
Santorum (R-PA)
Sessions (R-AL)
Shelby (R-AL)
Smith (R-NH)
Smith (R-OR)
Snowe (R-ME)
Specter (R-PA)
Stevens (R-AK)
Thomas (R-WY)
Thompson (R-TN)
Thurmond (R-SC)
Voinovich (R-OH)
Warner (R-VA)
NAYs ---44
Akaka (D-HI)
Baucus (D-MT)
Bayh (D-IN)
Biden (D-DE)
Bingaman (D-NM)
Boxer (D-CA)
Breaux (D-LA)
Bryan (D-NV)
Byrd (D-WV)
Cleland (D-GA)
Conrad (D-ND)
Daschle (D-SD)
Dodd (D-CT)
Dorgan (D-ND)
Durbin (D-IL)
Edwards (D-NC)
Feingold (D-WI)
Feinstein (D-CA)
Graham (D-FL)
Harkin (D-IA)
Inouye (D-HI)
Johnson (D-SD)
Kennedy (D-MA)
Kerrey (D-NE)
Kerry (D-MA)
Kohl (D-WI)
Landrieu (D-LA)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (D-CT)
Lincoln (D-AR)
Mikulski (D-MD)
Moynihan (D-NY)
Murray (D-WA)
Reed (D-RI)
Reid (D-NV)
Robb (D-VA)
Rockefeller (D-WV)
Sarbanes (D-MD)
Schumer (D-NY)
Torricelli (D-NJ)
Wellstone (D-MN)
Wyden (D-OR)
Present - 1
Fitzgerald (R-IL)
Not Voting - 1
Inhofe (R-OK)
The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.
The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services. Other major mergers in the financial sector had already taken place such as the Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation combination in the mid-1990s. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Acts by combining insurance and securities companies, if not for a temporary waiver process <1>. The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry.
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Economist Robert Kuttner has criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.<6> Economists Robert Ekelund and Mark Thornton have made similar criticisms, arguing that while "in a world regulated by a gold standard, 100% reserve banking, and no FDIC deposit insurance" the Financial Services Modernization Act would have made "perfect sense" as a legitimate act of deregulation, under the present fiat monetary system it "amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly".
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act