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Glass-Steagall Act |
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Glass-Steagall Act 1933 legislation prohibiting commercial banks to own, underwrite, or deal in corporate stock and corporate bonds. The bill was effectively repealed by the Gramm-Leach-Bliley Act, November 12, 1999. Glass-Steagal Act Legislation in the United States, enacted in 1933, intended to restore confidence in the banking system. Among its most important provisions was the creation the FDIC, which provided insurance on bank deposits up to a certain amount. The act also prohibited bank holding companies from owning brokerages or certain securities. This provision was designed to prevent banks from engaging in most investment activities and thereby to reduce the risk they carried. Most of the Glass-Steagal Act was repealed by the Gramm-Leach-Bliley Act in 1999. It is formally called the Banking Act of 1933.
Glass-Steagall Act What Does Glass-Steagall Act Mean? An act passed by Congress in 1933 that prohibited commercial banks from collaborating with full-service brokerage firms or participating in investment banking activities. Investopedia explains Glass-Steagall Act The Glass-Steagall Act was enacted during the Great Depression to help protect depositors from the additional risks associated with security transactions. The act was dismantled in 1999. Consequently, the distinction between commercial banks and brokerage firms has blurred. Today, for better or worse, many banks own brokerage firms and provide investment services. Related Terms: Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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The 1933 Banking Act that followed suit became the more permanent solution to backup the EBRA leading to the birth of the Federal Deposit Insurance Corporation or FDIC. The historic 1933 Banking Act was a classic logrolling compromise through which populist supporters of small, rural banks, like Rep. |
1933 Banking Act |
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