Glass-Steagall Act

Definition

1933 Congressional law which authorized deposit insurance and prohibited commercial banks from owning brokerages. The latter rule has softened, and many banks now own discount brokers, sell mutual funds, and participate in underwritings.
Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Banking Act of 1933 Gramm-Leach-Bliley Act