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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.
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? Mentioned in | ? References in periodicals archive | |
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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. 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. 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. |
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