Stephanie Blair and Staci Gelatka
Passed by congress under Roosevelt Shaped the development of banking system Reduced bank competition for depositor's money Revived confidence in banking system Banned deposit banks from investment banking GLASS-STEAGALL BANKING ACT OF 1933
U.S. Independent government corporation Created under Glass Steagall Banking Act Established after the Great Depression Insure bank deposits during bank failure Ended the epidemic of bank failures FDIC: FEDERAL DEPOSIT INSURANCE CORPORATION
banned deposit banks from investment banking buy newly issued stocks/securities resell them to public for profit gave Federal Reserve System power regulate interest rates savings and time deposits Joseph W. Barr GLASS-STEAGALL BANKING ACT AND GOVERNMENT
Created Federal Deposit Insurance Corporation insures deposits to maximum limit Protected from bank failure Members of the Federal Reserve System must buy deposit insurance from FDIC FDIC AND GOVERNMENT
EFFECTIVENESS
Immediately: No, circulation decreased Increased hoarding Long-Term: Yes, exited Great Depression Continued until repealed in 90s EFFECTIVENESS CTD.
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