Credit Control Act

The Credit Control Act of 1969 authorized the U.S. president to give additional controls to the Federal Reserve.

In 1980 the act was used as a means of controlling various types of consumer credit. The Gramm-Leach-Bliley Act of 1999 gave the Fed regulatory authority over the new financial services holding companies.

These companies can offer banking, issue securities (stocks and bonds) and insurance, and other financial services all “under one roof.”

The Glass-Steagall Act of 1933 had prohibited banks from engaging in many of these activities, such as underwriting securities and insurance, because they were deemed risky at the time.