What was the primary purpose of the Gramm-Leach-Bliley Act?

The primary purpose of the Gramm-Leach-Bliley Act is to protect private customer information filed with a financial institution. This legislation, enacted in 1999, is significant for its emphasis on maintaining the confidentiality of consumers' personal financial information held by banks, securities firms, and insurance companies. Under this act, financial institutions are required to disclose their privacy policies and practices to consumers and must implement measures to prevent unauthorized access to customer data.

This focus on privacy is vital in today's environment, where identity theft and data breaches are significant concerns for consumers. By establishing guidelines for how customer information can be collected, used, and shared, the Gramm-Leach-Bliley Act plays a crucial role in safeguarding the privacy rights of individuals in the financial system. Therefore, the key aspect of the legislation that aligns with the question is its emphasis on protecting personal financial information, confirming the correctness of the chosen answer.