Glass-Steagall Act
Definition
US law enacted in 1933 (during the Great Depression) to prohibit commercial banks from investment (speculation) activities which had caused the collapse of many banks. During 1980s, however, the strict provisions of this law were diluted as banks were allowed to own brokerage firms and mutual funds and act as both agent and principals in securities trading.
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Glass-Steagall Act is in the Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
Glass-Steagall Act appears in the definition of the following term: firewall
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