The Gramm-Leach-Bliley Act (or Financial Services Modernization Act) is a landmark piece of legislation that enabled U.S. financial services companies—including commercial banks, investment banks, securities firms, and insurance firms—to enter into “affiliations” with one another, whether through mergers or through acquisitions, and thereby to engage in a greater variety of financial activities and to offer a greater variety of financial products and services to their customers. With respect both to the details and to the consequences of its passage, it is a piece of legislation that raises a number of significant ethical questions.