Question

The Riegle-Neal Act of 1994

A) removed ceilings on bank deposit interest rates.
B) allowed banks to underwrite insurance and securities and engage in real estate activities.
C) required all banks to become universal banks.
D) overturned prohibitions on interstate banking and branching.

Answer 1

Answer: overturned prohibitions on interstate banking and branching(D)

Step-by-step explanation:

The Riegle-Neal Act of 1994 was signed into law by former United States of America president; President Bill Clinton in September 1994. The Riegle-Neal Act of 1994 removed many obstacles that were encountered by banks that want to have branches in other states.

The Riegle-Neal Act of 1994 also provided uniform set of rules for the banks in each state. It allowed interstate banking nationwide for the first time, by allowing well-managed, and well-capitalized banks to get banks in other states.