The new law would limit taxpayer bailouts of complex financial institutions and is a modern version of the Banking Act of 1933
The Glass-Steagall Act is part of the Banking Act of 1933
that separated commercial and investment banks and was repealed in 1999.
And Glass-Steagall is the Banking Act of 1933
, named for two Democratic lawmakers and signed by Democratic president Franklin D.
The banks that sold subprime mortgages and ALT-A loans with as many options to make loan payments as they could muster along with financial firms, shopped for a president to deregulate the Glass-Steagall Act, which was also known as the Banking Act of 1933
The Emergency Banking Act of 1933
, passed by Congress on March 9-combined with the Federal Reserve's commitment to supply unlimited amounts of currency to reopened banks--created de facto 100 percent deposit insurance.
The Congress wisely decided otherwise in the Banking Act of 1933
, as did the House Financial Services Committee today.
Contemporary writers criticized the deposit insurance provisions of the Banking Act of 1933
, correctly pointing out the dangers of removing depositor-based market discipline from the banking system.
The Banking Act of 1933
, in the US, also known as the Glass-Steagall Act, created a distinction between commercial banks and investment banks.
The founding of the Federal Deposit Insurance Corporation (FDIC), as well as other components of the Banking Act of 1933
, had the effect of stopping runs.
In that same year, the Banking Act of 1933
helped the nation regain some financial confidence by creating the Federal Deposit Insurance Corporation.
The Financial Services Competitiveness Act of 1997 (HR 10) would repeal the prohibitions in the Banking Act of 1933
, commonly known as the Glass-Steagall act, against affiliations of commercial banks with investment banks and securities firms.
Major banking legislation was enacted during the Depression, beginning with the Banking Act of 1933
(also known as the Glass-Steagall Act after its principal authors).