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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 -- 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that separated investment banking from commercial banking with the aim of preventing another Great Depression -- was repealed exactly 10 years ago ...
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 ...
Banking Act of 1933; Glass–Steagall Act (especially when referring to the separation of commercial and investment banking in Sections 16, 20, 21, and 32) Enacted by: the 73rd United States Congress: Effective: June 16, 1933: Citations; Public law: Pub. L. 73-66: Statutes at Large: 48 Stat. 162 (1933) Codification; Acts amended: Federal ...
With the stroke of a pen, President Bill Clinton made the Gramm-Leach-Bliley Act into law. Here is what he said The wall separating banking and investing firms fell into ruin on Nov. 12, 1999.
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The Glass–Steagall Act was a part of the 1933 Banking Act. It placed restrictions on activities that commercial banks and investment banks (or other securities firms) could do. It effectively separated those activities, so the two types of business could not mix, in order to protect consumer's money from speculative use.
An extremely ironic thing happened this week. On CNBC's Squawk Box, the 79-year-old former chairman and CEO of Citigroup (NYS: C) , Sandy Weill, endorsed breaking up the nation's largest banks ...