What can banking companies do? Enactment of the Gramm-Leach-Bliley Act (GLBA) on November 12, 1999, provided a new legal answer to that question.1 GLBA widened the range of activities that banks and their holding companies can conduct. GLBA repealed the parts of the Banking Act of 1933 that separated commercial banking from the securities business, which have come to be known as "Glass-Steagall." It also repealed the parts of the Bank Holding Company Act of 1956 that separated commercial banking from the insurance business. Thus, GLBA permits single holding companies to offer banking, securities, and insurance, as they had before the Great Depression.