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It was effective. The Glass-Steagall Act kept banking and securities separate. The sub-prime mess occurred after it was repealed and the now unregulated 'market' was allowed to police itself. The Act would have prevented the global crisis caused by the securitization of billions in junk mortgages that brought Wall Street down for a time and wiped out millions of retirement accounts. We found that 'the market' does not indeed regulate itself but rather eats like a pig until it bursts.
The FDIC was created as a result of the act. FDIC stands for Federal Deposit Insurance Corporation. The purpose of this is to provide "Deposit Insurance" which guarantees the safety of cash deposited in its member banks, currently up to US $ 250,000 per depositor per bank. Currently FDIC insures deposits at more than 7500 institutions in the USA. This is to ensure that customers do not lose out their hard earned money in case of bank failures or bankruptcy.
The 1933 Glass-Steagall Act restricted banks' ownership of brokerages. It separated commercial banking from investment banking to prevent fraud, conflicts of interest and distortion of competition in general.
What else can I help you with?
How effective was the Embargo act?
it was not very efective
What do you call the act of effective public speaking?
Elocution
Is the meat Inspection act effective today?
Of Course!!
Was the agricultural adjustment act effective?
3 years
Four Major Pieces of Anticommunist Legislation to what extent were these laws effective in accomplishing their objectives?
The laws were effective in accomplishing their objectives because it kept communism out of the United States. The four pieces of legislation were: Espionage Act, Sedition Act, Alien Registration Act, and the Internal Security Act.
What specific industry was finally brought under effective government regulation by the Elkins Act and the Hepburn Act?
Railroads
What was the effective railroad regulation law of 1906?
Hepburn Act of 1906
How is the opening act of Othello an effective exposition of the play?
i really don't have a clue
What form of protest was effective against the stamp act?
the proclamation's the townshend was too.
What was the most effective opposition to the English laws on trade and taxes?
it is the sugar act
Is money lending act and provision are effective on private banking sector?
is privet banks comes in money lending act criteria
How effective is the no child left behind act?
Not very effective actually. Schools haven't improved in the slightest since the Government took over.
