Glass-Steagall Act was also part of Banking Act of 1933
which separated Wall Street from Main Street by offering protection to people's savings in commercial banks by prohibiting bankers from using depositors' money in stocks.
was born out of the Banking Act of 1933
to reduce the economic-disruptions caused by those failures.
Elizabeth Warren, D-Mass., along with John McCain, R-Ariz., Maria Cantwell, D-Wash., and Angus King, I-Maine -- who first banded together to introduce the bill in 2013 -- said their new bill would be a modern version of the Banking Act of 1933
(Glass-Steagall) that protects American taxpayers, helps community banks and credit unions compete, and decreases the likelihood of future financial crises.
The Banking Act of 1933
, however, was particularly important.
(5) Named after Senator Glass and Congressman Steagall, the Banking Act of 1933
banned "commercial banks from underwriting securities, forcing banks to choose between being a simple lender or an underwriter (brokerage)." The Long Demise of Glass-Steagall, PUBLIC BROADCASTING SERVICE, http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet /weill/demise.html (last visited Sep.
The new law would limit taxpayer bailouts of complex financial institutions and is a modern version of the Banking Act of 1933
. It will look to separate traditional banks' insured deposits from riskier financial institutions that offer services such as investment banking, insurance, swap dealings, and hedge fund and private equity activities.
This set in train a series of measures to curb capitalist interests--for example, the Glass-Steagall Banking Act of 1933
, which prevented commercial banks from acting as investment banks.
The Glass-Steagall Act is part of the Banking Act of 1933
that separated commercial and investment banks and was repealed in 1999.
During the years 1933-35, the American response to the financial crisis was immediate and drastic; following an intentional freeze of the banking industry under President Franklin Delano Roosevelt, Congress enacted the Banking Act of 1933
and the Banking Act of 1935, with the purpose of transforming the banking industry.
King wrote that the 21st Century Glass-Steagall Act is "a modern version of the Banking Act of 1933
(Glass-Steagall) that reduces risk for the American taxpayer in the financial system and decreases the likelihood of future financial crises."
And Glass-Steagall is the Banking Act of 1933
, named for two Democratic lawmakers and signed by Democratic president Franklin D.
(15) Furthermore, the Banking Act of 1933
(16) ("Glass-Steagall Act") was enacted to reform banking control issues and established the Federal Deposit Insurance Corporation ("FDIC").