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 It was repealed in 1999.