Glass-Steagall Act
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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
.
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This article uses material from
Wikipedia
®
and is licensed under the
GNU Free Documentation License
Campbell R. Harvey's Hypertextual Finance Dictionary
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Glass-Steagall Act
A 1933 act in which Congress forbade commercial banks to own,
underwrite
, or deal in corporate stock and
corporate bonds
.
Copyright © 2000,
Campbell R. Harvey
. All Rights Reserved.
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