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Encyclopedia > 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. The 1929 stock market crash devastated economies worldwide The Wall Street Crash refers to the stock market crash that occurred on October 29, 1929, when share prices on the New York Stock Exchange collapsed, leading eventually to the Great Depression. ...


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. The Democratic Party is one of two major political parties in the United States, the other being the Republican Party. ... Seal of the U.S. Senate Federal courts Supreme Court Chief Justice Associate Justices Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures State Courts Counties, Cities, and Towns Other countries Politics Portal      Senate composition following 2006 elections The United States Senate is... Carter Glass Carter Glass (January 4, 1858–May 28, 1946) was an American politician from Virginia, who served many years in Congress, as well as U.S. Secretary of the Treasury under Woodrow Wilson. ... The Allied Arts Building in downtown Lynchburg, completed in 1931. ... The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. ... Type Bicameralism Houses Senate House of Representatives United States Senate Majority Leader Harry Reid, D, since January 4, 2007 Speaker of the House Nancy Pelosi, D, since January 4, 2007 Members 535 plus 4 Delegates and 1 Resident Commissioner Political groups (as of November 7, 2006 elections) Democratic Party Republican... Henry Bascom Steagall (1873-1943) was a United States Representative from Alabama. ... Official language(s) English Capital Montgomery Largest city Birmingham Area  Ranked 30th  - Total 52,419 sq mi (135,765 km²)  - Width 190 miles (306 km)  - Length 330 miles (531 km)  - % water 3. ... Meeting of the House Financial Services Committee The 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. ...

Contents

Glass-Steagall Act of 1933

The first act, enacted February 27, 1933 (ch. 58, 47 Stat. 56 (1933), took the United States off the gold standard and greatly increased the ability of the Federal Reserve to influence the money supply. This act included the following provisions: February 27 is the 58th day of the year in the Gregorian Calendar. ... 1933 (MCMXXXIII) was a common year starting on Sunday. ... The gold standard is a monetary system in which the standard economic measure of value is gold, and the currencies which are used as units of account are specified as a weight of gold, ideally fixed and not subject to change, and where all currency issuance is to one degree... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ...

  • Permitted Federal Reserve banks to use government securities as collateral for the issue of Federal Reserve notes.
  • Relaxed the collateral security required by member banks at the discount window.
  • Allowed the government to loan out the nation's gold reserves.

Banking Act of 1933

The second act (ch. 89, 48 Stat. 162), was enacted on June 16, 1933 to make banking safer and less prone to speculation. The Banking Act of 1933 included the following provisions: June 16 is the 167th day of the year in the Gregorian calendar (168th in leap years), with 198 days remaining. ... 1933 (MCMXXXIII) was a common year starting on Sunday. ...

A commercial bank is a type of financial intermediary and a type of bank. ... For security (collateral), the legal right given to a creditor by a borrower, see security interest A security is a fungible, negotiable interest representing financial value. ... Stock brokers are people who deal with stock & bonds. ... The FDIC logo The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. ... Regulation Q was a United States government regulation that put a limit on the interest rates that banks could pay, including a rate of zero on demand deposits. ...

Major Effect of the Acts

The Glass-Steagall Act of 1933 kept banks out of the stock market and created the FDIC that guaranteed one's savings if a bank failed. The Federal Deposit Insurance Corporation (FDIC) was created by the Glass-Steagall Act of 1933. ...


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. November 12 is the 316th day of the year (317th in leap years) in the Gregorian Calendar, with 49 days remaining. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... William Jefferson Bill Clinton (born William Jefferson Blythe III[1] on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ... The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. ... The Investment Advisers Act of 1940 codified at 15 U.S.C. Â§ 80b-1 through 15 U.S.C. Â§ 80b-21, was created to regulate the actions of investment advisers (also spelled advisors) as defined by the law. ...


Note

The Banking Act of 1933 is not the same as the "Emergency Banking Act" of March 9, 1933, which officially took the United States off the gold standard, gave the Secretary of the Treasury the power to compel owners of gold to surrender it to the government, and gave the president wide latitude to dictate fiscal rules and policy. The Emergency Banking Act (also known as the Emergency Banking Relief Act) was an act of the United States Congress spearheaded by President Franklin D. Roosevelt during the Great Depression. ... March 9 is the 68th day of the year in the Gregorian calendar (69th in leap years). ... 1933 (MCMXXXIII) was a common year starting on Sunday. ... The gold standard is a monetary system in which the standard economic measure of value is gold, and the currencies which are used as units of account are specified as a weight of gold, ideally fixed and not subject to change, and where all currency issuance is to one degree... The United States Secretary of the Treasury is the finance minister of the Federal Government of the United States. ...


References

  • 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.

 
 

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