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What was glass-steagall act?

Updated: 9/13/2022
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9y ago

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The Glass-Steagall Banking Act of 1933 was designed to curb the activities of banks relating to securities (stock) speculation. It established restrictions on investments by banks. Much later, interpretations of these reforms again allowed banks and their holding corporations to engage in numerous investment activities.

It also established the FDIC (Federal Deposit Insurance Corporation) which insures the deposits that individuals make in federally-chartered banks.

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Kaylah Ward

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1y ago
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Q: What was glass-steagall act?
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