WASHINGTON — The Gramm-Leach-Bliley Act of 1999, a product of 20-plus years of legislative warfare, was supposed to be on a par with the big ones — the National Bank Act of 1864, the Federal Reserve Act of 1913, or the Glass-Steagall Act of 1933.

But as its first anniversary approaches, conventional wisdom considers the financial reform law a disappointment. “It’s been far less of an epiphany than anticipated,” said Karen Shaw Petrou, president of ISD/Shaw Inc. here and a shrewd observer of financial services public policy.

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