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a. Before the Financial Services Modernization Act of 1999, in 1988 the Supreme Court of the U.S. provided commercial banks permission to underwrite commercial paper

a. Before the Financial Services Modernization Act of 1999, in 1988 the Supreme Court of the U.S. provided commercial banks permission to underwrite commercial paper and municipal revenue bonds but not equities.

b. The Financial Services Modernization Act of 1999 limited investment banks ability to engage in any commercial banking activities.

Are the above true or false?

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