The Glass Steagall Act of 1933
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The paper discusses the Glass Steagall Act of 1933 and what it did to help save the banking industry. The paper also follows through to the current day and tracks financial legislation and the separation of banking and securities and insurance until its repeal in 1996. The Financial Modernization Act of 1996 is discussed that demonstrates the added protection of consumer information. The paper discusses the decrease in restrictions for a broader spectrum of financial institutions and reaches a conclusion cynical of corporate America and its ability to govern itself.
From the Paper:"The Glass Steagall Act is the cornerstone of banking since the stock market crash of 1929. The Act was brought into law in 1933 helping to stabilize the economy by separating commercial banking and investment banking. The Glass Staegall Act does not allow banks to do business on Wall Street and does not allow Wall Street to become involved in banking. With the crash of the sock market in 1929 the economy plummeted to an all time low to a point where the federal government couldn't even begin to balance the treasury. The first stage of the Glass Steagall Act was put into effect in 1932 as a bookkeeping provision that would help the..."
Cite this Term Paper:
The Glass Steagall Act of 1933 (2007, December 01) Retrieved December 04, 2020, from https://www.academon.com/term-paper/the-glass-steagall-act-of-1933-133463/
"The Glass Steagall Act of 1933" 01 December 2007. Web. 04 December. 2020. <https://www.academon.com/term-paper/the-glass-steagall-act-of-1933-133463/>