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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 legislation was enacted by the United States Congress in 1933 as part of the 1933 Banking Act, amended as part of the 1935 Banking Act, and most of it was repealed in 1999 by the Gramm–Leach–Bliley Act (GLBA). Its protections and restrictions had also been chipped away during most of its existence by lenient regulatory ...
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.
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that separated investment banking from commercial banking with the aim of preventing another Great Depression -- was repealed exactly 10 years ago ...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 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 The act lasted for decades, but was repealed in the '90s after ...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 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-Leach-Bliley Act into law. Here is what he said
The Gramm–Leach–Bliley Act passed in November 1999, repealing portions of the BHCA and the Glass–Steagall Act, allowing banks, brokerages, and insurance companies to merge, thus making the CitiCorp/Travelers Group merger legal. Also prior to the passage of the Act, there were many relaxations to the Glass–Steagall Act. For example, a ...
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 ...