The Gramm-Leach-Bliley Act of 1999 (GLBA) was a bi-partisan regulation under President Bill Clinton, passed by Congress on November 12, 1999. The GLBA was an attempt to update and modernize the financial industry. The GLBA is most well-known as the repeal of the Glass-Steagall Act of 1933, which stated that commercial banks were not allowed to offer financial services—like investments and insurance-related services—as part of normal operations.