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- First enacted in 1932
- Second Glass-Steagall Act, passed on June 16, 1933
- Also known as Banking Act of 1933
- Enacted after the failure of hundreds of banks during the Great Depression
- Co-sponsored by Senator Carter Glass (Democrat, Virginia) and Congressman Henry Steagall (Democrat, Alabama)
- First time the Federal Reserve System was allowed to allocate currency
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The Glass-Steagall Act, passed in 1933, established regulations for the U.S. banking industry. It had two main effects: first, it created a firewall between commercial banking and Wall Street, in order to prevent the assets of typical account holders from being used in high-risk investments; second, it established the FDIC, which insures deposits. The act was repealed in 1999, but the FDIC remains.
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Glass Steagall Act Questions
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These glasses: cool? Or Kent? 7 AnswersHey it looks very cool. You are looking like a smart thinker. read more -
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What is Gorilla Glass? 1 AnswerGorilla Glass is "an environmentally friendly alkali-aluminosilicate thin sheet glass designed specifically to function as a protective window for portable disp... read more -
What was the acting style of the original production of Wild Duck? 1 AnswerUnfortunantely, I wasn't able to find that answer for you. These links may be helpful. read more
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On Twitter powered by Twitter
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@JoeSixpackSays When they repealed the Glass Steagall Act, they ruined the financial system.
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The Glass-Steagall Act and the US presidential adviser: Commercial banks were not allowed to take market risks in ... http://bit.ly/ahE7uc
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If Congress didn't repeal the Glass-Steagall Act in Nov. 1999, where would our economy be now, 10 years later?http://bit.ly/4FT5IY
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@PhillyBella That's b/c they'll never admit how wrong they are. All this bank shit went on after repeal of Glass-Steagall Act of 1933. #FAIL
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Going back to Glass Steagall Act « Mostly Economics: While the Act provided monopoly protection for the commercial... http://bit.ly/bhjpr3
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