Glass-Steagall Act: Difference between revisions
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imported>Doug Williamson m (Added Dodd-Frank as see also as later legislation to Glass-Steagall) |
imported>John Grout (To add reference to the FDIA of 1935) |
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The Act separated banks according to their business (commercial and investment banking). | The Act separated banks according to their business (commercial and investment banking). | ||
It also founded the Federal Deposit Insurance Corporation (FDIC) for insuring bank deposits. | It also founded on a temporary basis the Federal Deposit Insurance Corporation (FDIC) for insuring bank deposits. FDIC was made permanent by the Federal Deposit Insurance Act (FDIA) of 1935. | ||
It was enacted as an emergency response to the failure of nearly 5,000 banks during the Great Depression. It was repealed in 1999. | It was enacted as an emergency response to the failure of nearly 5,000 banks during the Great Depression. It was repealed in 1999. | ||
Revision as of 09:03, 13 August 2014
US.
The Glass-Steagall Act, also known as the Banking Act of 1933, introduced banking reforms some of which were designed to control speculation.
The Act separated banks according to their business (commercial and investment banking).
It also founded on a temporary basis the Federal Deposit Insurance Corporation (FDIC) for insuring bank deposits. FDIC was made permanent by the Federal Deposit Insurance Act (FDIA) of 1935.
It was enacted as an emergency response to the failure of nearly 5,000 banks during the Great Depression. It was repealed in 1999.
