The Gramm-Leach-Bliley Act, also knowns as the Financial Services Modernization Act of 1999, became effective as of November 12, 1999 and was enacted by the 106th United States Congress and signed into law by President Bill Clinton. It was an act that allowed financial companies such as commercial banks, investment banks, securities firms, and insurance companies to consolidate. An example of this type of consolidation is Citigroup which was a merger of Citicorp, a commercial bank, and Travelers Group, the insurance company. The Gramm-Leach-Bliley Act requires financial institutions that offer consumers financial products or services to explain their information sharing practices to consumers and to safeguard sensitive data. The GLB Act includes the Financial Privacy Rule, the Model Form Rule, the Safeguards Rule and provisions that prohibit pretexting.