Which act repealed the Glass-Steagal Act of 1933 and allows for the merging of financial institutions?

The Gramm-Leach Bliley Act is the correct answer because it was enacted in 1999 and effectively repealed the Glass-Steagall Act of 1933, which had established a separation between commercial banking, investment banking, and insurance services. By removing these barriers, the Gramm-Leach Bliley Act allowed for the merging of financial institutions and paved the way for the creation of large financial conglomerates that can offer a range of services under one roof.

This legislation was aimed at promoting competition and efficiency within the financial services industry. The changes it introduced marked a significant shift in how financial services were regulated, reflecting broader trends toward deregulation in the financial sector at that time.

In contrast, the other legislations listed focus on different aspects of finance and regulation. The Dodd-Frank Act, for example, was passed later in response to the 2008 financial crisis to increase regulations in the financial sector, but it did not deal with Glass-Steagall or repeal it. The Sarbanes-Oxley Act primarily addresses corporate governance and accountability in accounting practices rather than the merging of financial institutions. The Consumer Financial Protection Act is focused on protecting consumers in financial transactions and does not pertain to the repeal of Glass-Steagall