What is the primary focus of the Gramm-Leach-Bliley Act?

The primary focus of the Gramm-Leach-Bliley Act (GLBA) is indeed on protecting consumers' personal financial information. Enacted in 1999, the GLBA established specific requirements for financial institutions regarding the collection, disclosure, and protection of consumers' private data. The act mandates that institutions must provide consumers with privacy notices that outline their information-sharing practices and the right of consumers to opt out of certain disclosures.

The GLBA also emphasizes the implementation of measures to safeguard personal financial information against breaches and unauthorized access. This includes ensuring that both financial institutions and their affiliates adhere to strict privacy and security standards.

While the other options may relate to financial regulations, they do not capture the core purpose of the GLBA in the same way. Preventing money laundering, regulating investment banks, and controlling interest rates are governed by different legislation and regulatory frameworks. Instead, the GLBA directly addresses consumer privacy rights and the responsibilities of financial institutions in protecting personal financial information, making it the centerpiece of this act.