Information about Glass Steagall Act
Two separate United States laws are known as the Glass-Steagall Act. The Acts (Glass & Steagall) were both reactions of the U.S. government to cope with the economic problems which followed the Stock Market Crash of 1929.
Both bills were sponsored by Democratic Senator Carter Glass of Lynchburg, Virginia, a former Secretary of the Treasury, and Democratic Congressman Henry B. Steagall of Alabama, Chairman of the House Committee on Banking and Currency.
Literature in economics usually refers to this Glass Steagall Act, since it had a stronger impact on US banking regulation.
Signed into law by President Franklin D. Roosevelt on March 9, 1933, the Act's primary function was to prohibit the hoarding of gold coins, and did so by authorizing the United States Treasury to request all people and companies of the U.S. to send in their gold reserves.
In addition, it ordered that all banks stopped doing business until the Comptroller of the Currency had examined the soundness of such banks and had approved reopening.
Both bills were sponsored by Democratic Senator Carter Glass of Lynchburg, Virginia, a former Secretary of the Treasury, and Democratic Congressman Henry B. Steagall of Alabama, Chairman of the House Committee on Banking and Currency.
First Glass Steagall Act of February 1932
This act allowed that government obligations as well as commercial paper can be used as reserve in banks. Due to the reserve ratio system, banks were able to increase credit, and more money was in circulation. It was signed into law by President Herbert Hoover.Second Glass-Steagall Act (officially called: Banking Act of 1933) (June 16, 1933)
This act introduced the separation of bank types according to their business (commercial and investment banking), and it founded the Federal Deposit Insurance Company for insuring bank deposits.Literature in economics usually refers to this Glass Steagall Act, since it had a stronger impact on US banking regulation.
Repeal of the Acts
On November 12, 1999, President Bill Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act of 1933. One impact of this repeal is that certain advisory activities of the banks are now regulated by the Investment Advisers Act of 1940.Emergency Banking Relief Act of 1933
The Emergency Banking Relief Act of 1933 is often confused with the Glass-Steagall Acts, however it was a separate and independent bill.Signed into law by President Franklin D. Roosevelt on March 9, 1933, the Act's primary function was to prohibit the hoarding of gold coins, and did so by authorizing the United States Treasury to request all people and companies of the U.S. to send in their gold reserves.
In addition, it ordered that all banks stopped doing business until the Comptroller of the Currency had examined the soundness of such banks and had approved reopening.
External links
- On the systematic dismemberment of the Act from PBS Frontline
- Back to the Twenties Through the Looking Glass - Steagall Hour long Wizards of Money MP3 explaining the Glass-Steagall Act, background to it and impact of it.
Wall Street Crash of 1929, also known as the Crash of ’29, was one of the most devastating stock market crashes in American history. It consists of Black Thursday (October 24, 1929), the initial crash and Black Tuesday
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Carter Glass (January 4, 1858 – May 28, 1946) was a newspaper publisher and a American politician from Lynchburg, Virginia. He served many years in Congress with the Democratic Party. He was a key figure in developing the U.S.
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Henry Bascom Steagall (1873-1943) was a United States Representative from Alabama. He lent his name to the Glass-Steagall Act, and the Wagner-Steagall National Housing Act of September 1937 which created the United States Housing Authority.
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State of Alabama
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United States House Committee on Financial Services (or House Banking Committee) oversees the entire financial services industry, including the securities, insurance, banking, and housing industries.
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The reserve requirement (or required reserve ratio) is a bank regulation that sets the minimum reserves each bank must hold to customer deposits and notes. These reserves are designed to satisfy withdrawal demands, and would normally be in the form of fiat currency stored in
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William Jefferson "Bill" Clinton (born William Jefferson Blythe III[1] on August 19 1946) was the forty-second President of the United States, serving from 1993 to 2001.
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The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition
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The Investment Advisers Act of 1940, codified at through , is a United States federal law that was created to regulate the actions of investment advisers (also spelled "advisors") as defined by the law.
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The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States.
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