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Sen. Carter Glass (D–Va.) and Rep. Henry B. Steagall (D–Ala.-3), the co-sponsors of the Glass–Steagall Act. The sponsors of both the Banking Act of 1933 and the Glass–Steagall Act of 1932 were southern Democrats: Senator Carter Glass of Virginia (who by 1932 had served in the House and the Senate, and as the Secretary of the Treasury); and Representative Henry B. Steagall of Alabama ...
The Glass–Steagall Act of 1932 authorized Federal Reserve Banks to (1) lend to five or more Federal Reserve System member banks on a group basis or to any individual member bank with capital stock of $5 million or less against any satisfactory collateral, not only “eligible paper,” and (2) issue Federal Reserve Bank Notes (i.e., paper currency) backed by US government securities when a ...
The term "Glass–Steagall Act", however, is most often used to refer to four provisions of the Banking Act of 1933 that limited commercial bank securities activities and affiliations between commercial banks and securities firms. [2] That limited meaning of the term is described in the article on Glass–Steagall Legislation.
The Glass-Steagall Act of 1933 was created to make sure average citizens' savings were not lost in investment banks' mistakes. The act lasted for decades, but was repealed in the '90s after ...
The Glass-Steagall Act -- a law passed in 1933 that separated investment banking from commercial banking with the aim of preventing another Great Depression -- was repealed exactly 10 years ago ...
One of the biggest changes in the banking industry after the Great Depression was the separation of commercial and investment banking. It took the form of the Glass-Steagall Act, which went into ...
President Bill Clinton's signing statement for the GLBA summarized the established argument for repealing Glass–Steagall Section's 20 and 32 in stating that this change, and the GLBA's amendments to the Bank Holding Company Act, would "enhance the stability of our financial services system" by permitting financial firms to "diversify their product offerings and thus their sources of revenue ...
On this day in economic and financial history... The wall separating banking and investing firms fell into ruin on Nov. 12, 1999. With the stroke of a pen, President Bill Clinton made the Gramm ...