Repeal of Glass Steagall Act( Banking Act of 1933)
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- Background Information
- !!!PURPOSE!!!
- Committee Originated
- In 1929 the stock Marcket crashed and the Great Depresion started. Congress was concerned that comercial banking and operations and the payments systeme were inquiring losses from voaltile equality markets.
- Significance
- Purpose of Repeal was because banks complained that they could only go to low-risk securities. They also wanted to reduce the risk for their customers by diversity their business.
- FUN FACT
- House bankingand Currency Committes is where the bill orriganated. It was ammended as part of the banking Act of 1935 and most of it was repealed in 1999 by the Gramm-Leach-Bliley Act
- FUN FACT # 2
- Created a finiancial crisis in 2008 and 2009 which they blamed the party who repealed the Banking Act or also known as the Glass Steagall Act.
- The Glass Steagall Act is also known as the Banking Act of 1933
- Glass Steagall Act created the Federal Deposit Insurance Coperation. (FIDC)
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