Which act was established to modernize financial services in 1999?

The Gramm-Leach-Bliley Act is the correct choice because it was specifically designed to modernize and update the financial services industry by allowing banks, securities companies, and insurance companies to consolidate and engage in a wider range of financial activities. This act repealed parts of the Glass-Steagall Act of 1933, which had established a separation between commercial banks and securities firms, thereby promoting competition and financial innovation. The intent was to reflect the realities of the evolving financial landscape at the time, encouraging greater competition and enabling institutions to offer more comprehensive services.

The other options pertain to different aspects of financial regulation or consumer protection. The Dodd-Frank Act, for example, was enacted in response to the 2008 financial crisis with a focus on increasing regulation of financial institutions rather than modernizing services. The Sarbanes-Oxley Act was aimed at enhancing corporate governance and accountability in response to accounting scandals. The Fair Housing Act addresses discrimination in housing practices. Each of these acts serves important regulatory functions, but they do not specifically target the modernization of financial services like the Gramm-Leach-Bliley Act does.