The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, is a United States federal law that repealed significant portions of the Glass-Steagall Act of 1933. The GLBA allowed banks to merge with insurance companies and securities firms, creating what is known as financial conglomerates.
While the GLBA did have a major impact on the financial industry, it did not repeal the Bretton Woods agreement. In fact, the Bretton Woods agreement was a set of international agreements that established the rules for commercial and financial relations among the world`s major industrial states after World War II. It created the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (now part of the World Bank).
The Bretton Woods system also established a fixed exchange rate system, where the US dollar was pegged to gold at a rate of $35 per ounce. Other currencies were then pegged to the dollar at fixed rates. However, the system began to fall apart in the late 1960s as the US struggled with a growing trade deficit and inflation. In 1971, President Richard Nixon announced that the US would no longer convert dollars into gold, effectively ending the Bretton Woods system.
So, while the GLBA did have far-reaching consequences in the financial industry, it did not repeal the Bretton Woods agreement. It is important for copy editors to ensure that statements are factually correct and supported by reliable sources, especially when it comes to technical or complex topics like finance and economics. Accuracy in writing is essential to establishing credibility and trust with readers.