Which of the following was the major outcome of the Financial Services Modernization Act of 1999?
A) It reversed the Glass-Steagall Act's prohibition of commercial banks selling insurance or acting as investment banks.
B) It established the Federal Reserve Insurance Corporation, which insured depositors against financial losses when a bank failed.
C) It prohibited misrepresentation or other forms of fraud in the sale of newly issued stocks and bonds.
D) It required that all publicly traded firms with at least 500 shareholders and 10 million in assets file quarterly and annual financial reports with the SEC.
Question 2
The various types of businesses attracting small business are generally grouped into service industries, distribution industries, and financial industries.
Indicate whether the statement is true or false
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