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 The act was repealed in 1999, but the FDIC remains.
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References
Fast Facts
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First enacted in 1932
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Second Glass-Steagall Act, passed on June 16, 1933
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Also known as Banking Act of 1933
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Enacted after the failure of hundreds of banks during the Great Depression
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First time the Federal Reserve System was allowed to allocate currency
