1)Please explain the Gramm-Leach Bliley Act. You must explain the background and

Question

1)Please explain the Gramm-Leach Bliley Act. You must explain the background and history of the Act.

2)Research and discuss a case outside of the book and lecture notes in regard to the Gramm-Leach Bliley Act.

3)How would you define the major parts of the privacy requirements: the Financial Privacy Rule, the Safeguards Rule, and the pretexting provisions? (Write a minimum of 1-paragraph for each).

4)Research and discuss a case outside of the book and lecture notes in regard to HIPPA?

5)Who is protected by HIPPA? Who must comply with HIPPA?

6)What is the relevance of health care plans, providers and clearinghouses?

please send answers for above questons note each answer must be in 2 pages each

Explanation / Answer

1)Answer:

Gramm Leach Bliley Act:

The Gramm-Leach -Billey act is the regulation , passed by US Congress on November 12, 1999 which tends to update modernized the financial industry.
The main function of the act was to repealed large parts of the Glass-Steagall act , that said
Banks and other financial institutions one allowed to offer financial services like investments insurance related services as part of normal operations.The act is also known as Gramm-Leach Billey financial services modernization act.Due to the terrific losses in 1929,the Glass-Steagall act was created originally during 1930's in order to prevent bank depositors from the additional exposure to risk associated with stock market volunteers.As a result for many years banks are not legally allowed to act as Brokers . since many regulations have been instituted in 1930's to protect bank depositors . Gramm-Leach-Billey act was created to allow financial industry to offer more services..

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