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Glass-Steagall Act

   Also found in: Legal, Wikipedia 0.04 sec.
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 The Glass-Steagall Act was repealed in 1999.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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First came the Glass-Steagall Act of 1932-33, which created the Federal Deposit Insurance Corp.
When the markets melt down, regulations soon follow by Fine, Howard / Los Angeles Business Journal
Indeed, many of the practices that led to passage of the "Depression-era" Glass-Steagall Act are being repeated today.
High earnings, low ethics: pressure to generate steady profits has ... by Bennett, Robert A. / Chief Executive (U.S.)
The legislation repealed the Glass-Steagall Act, which was passed in 1934 during the depths of the Great Depression.
ONE-STOP MONEY? MANY INSURERS CREEPING INTO FINANCIAL ADVISERS', ... by Daily News (Los Angeles, CA)
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