What is the main goal of the Gramm-Leach-Bliley Act regarding financial services?

The main goal of the Gramm-Leach-Bliley Act is to separate regulation of financial service sectors. This act, enacted in 1999, deregulated the financial services industry by allowing institutions to offer a broader range of services, including commercial banking, investment banking, and insurance, all under one roof. The intention was to enhance competition among financial institutions; however, it did not unify regulations under federal law. Instead, it maintained distinct oversight for different types of financial services, which is crucial for ensuring that specific practices and consumer protections are appropriately addressed within each sector.

The other options suggest a misunderstanding of the act's implications. The act does not aim to unify all regulations or eliminate state control; rather, it recognizes the necessity for various levels of regulation that can adequately address the differences in services offered in finance and insurance. The notion of standardizing financial practices nationally is also misaligned with the act’s true purpose, which is more about the functionality and integration of service sectors than about establishing uniformity across the board.