The Gramm$-$Leach$-$Bliley Act was passed in $1999$ by the U$.$S$.$ Congress to allow:

financial institutions to offer full financial services, such as insurance and investment banking, as well as traditional commercial banking.

financial institutions to be sued by stockholders for off$-$balance sheet accounting errors.

savings and loans to compete with commercial banks in both the commercial banking arena and mortgage loans.

European banks to acquire U$.$S$.$ financial institutions.