Banking Act of 1933
/ˈbæŋkɪŋ ækt əv ˌnaɪntiːn ˈθɜːrtiː θriː/
Definitions
- (n.) A U.S. federal law enacted in 1933 establishing banking reforms, including the creation of the Federal Deposit Insurance Corporation (FDIC) to insure bank deposits and regulations to separate commercial and investment banking.
The Banking Act of 1933 was crucial in restoring public confidence during the Great Depression.
Forms
- banking act of 1933
Related terms
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Commentary
Commonly known as the Glass–Steagall Act, it set foundational precedents for bank regulation and deposit insurance still influential in modern U.S. financial law.
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