GLASS-STEAGALL ACT
\ɡlˈasstˈiːɡɔːl ˈakt], \ɡlˈasstˈiːɡɔːl ˈakt], \ɡ_l_ˈa_s_s_t_ˈiː_ɡ_ɔː_l ˈa_k_t]\
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Prohibited commercial banks from investment speculation. Speculation caused the collapse of many banks during the Great Depression. Became US law in 1933. Today, banks own brokerage firms and mutual funds and act as both agent and principals in securities trading. The strict provisions of this law were diluted during 1980s.
By Henry Campbell Black
Nearby Words
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