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The Glass-Steagall Act, also known as the Banking Act of 1933 (48 Stat. 162), created the regulatory framework for banking following the depression-era collapse of much of the banking system. It established the Federal Deposit Insurance Corporation (FDIC) and included other banking reforms, and placed legal restrictions on combined banking and financial service firms.
The 1999 Gramm-Leach-Bliley Act repealed much of the Glass-Steagall Act and is credited with being a contributor to the 2008 financial collapse. continue reading