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On November 12, 1999 congress enacted a bill proposed by then President Bill Clinton. This act was called the Financial Services Modernization Act or the Gramm-Leach-Bliley Act of 1999.
The bills were introduced in the U.S. Senate by Phil Gramm (R-Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001. On May 6, 1999, the Senate passed the bills by a 54-44 vote along party lines (53 Republicans and one Democrat in favor; 44 Democrats opposed)
Originally posted by mythatsabigprobe
Clinton signed it, as the President is obliged to do when an act has been voted on by the Senate.
1.A bill becomes law if signed by the President or if not signed within 10 days and Congress is in session.
2.If Congress adjourns before the 10 days and the President has not signed the bill then it does not become law ("Pocket Veto.")
3.If the President vetoes the bill it is sent back to Congress with a note listing his/her reasons. The chamber that originated the legislation can attempt to override the veto by a vote of two-thirds of those present. If the veto of the bill is overridden in both chambers then it becomes law.