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Glass-Steagall Act
(redirected from Glass Steagall Act)

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Glass-Steagall Act
An Act passed by Congress in 1933, that prohibited commercial banks from collaborating with full-service brokerage firms or participating in investment banking activities.

Notes:
The Glass-Steagall Act was enacted during the Great Depression. It protected bank 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 many banks own brokerage firms and provide investment services.

Glass-Steagall Act
1933 legislation prohibiting commercial banks to own, underwrite, or deal in corporate stock and corporate bonds.
Glass-Steagall Act
A 1933 act that prohibited commercial banks from undertaking investment banking activities such as underwriting the securities of private corporations. The legislation was passed to keep banks from entering into nonfinancial businesses (for example, owning corporate stock) and more risky activities. The Glass-Steagall Act was repealed in 1999. Also called Banking Act of 1933.
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The American Bankers Association applauded Thursday's announcement, which could unlock reform legislation in Congress that would repeal the 1933 Glass Steagall Act separating banks from securities firms.
BIZWATCH : MARKETS by Daily News (Los Angeles, CA)
Responding to the repeal of the Glass Steagall act, a volatile market and changing consumer demands, online brokerages around the globe are adopting a convergence strategy that includes adding banking services to their product portfolio, says a new report from Meridien Research.
Online Brokerages Must Add Banking Services to Survive, Says Meridien ... by Business Wire
Cohen explained that even though the Glass Steagall Act is still on, the industry is striving to offer one-stop shopping, with commercial banks becoming involved in investment banking and with investment banks granting credits.
FEATURE/Back offices banking operations become front office focus by Business Wire
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