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.
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Related Terms
Banking Act of 1933, firewall
'Glass-Steagall Act
' appears in the definitions of these terms on BusinessDictionary.com
firewall
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