17  Funds have shifted their asset allocation from higher to lower-rated debt securities, increased the average residual maturities of debt securities holdings and continued to expand their exposure to emerging markets. See the November 2015 edition of the ECB’s Financial Stability Review.
By 1999, banks and bank holding companies had gained significant additional product authority in securities and insurance, areas that had been perceived to be on the other side of the banking and commerce wall at the time Corrigan wrote his essay. A number of factors persuaded Congress that federal action was appropriate, and the Gramm-Leach-Bliley Act was passed.