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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 ...
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 ...
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 The act lasted for decades, but was repealed in the '90s after ...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 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 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that separated investment banking from commercial banking with the aim of preventing another Great Depression -- was repealed exactly 10 years ago ...
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June 5, 1933: The Securities Act of 1933 (ch. 38, 48 Stat. 74) established the Securities Exchange Commission (SEC) as a way for the government to prevent a repeat of the Stock Market Crash of 1929. June 12, 1933: The Glass–Steagall Act of 1933 (ch. 89, 48 Stat. 162) was a follow-up to the Glass–Steagall Act of 1932. Both acts sought to ...
As a result of the Pecora Commission's findings, the United States Congress passed the Glass–Steagall Banking Act of 1933 to separate commercial and investment banking, the Securities Act of 1933 to set penalties for filing false information about stock offerings, and the Securities Exchange Act of 1934, which formed the SEC, to regulate the ...