Glass-Steagall Act
/ˈɡlæs ˈstiɡəl ækt/
Definitions
- (n.) A U.S. federal law enacted in 1933 separating commercial and investment banking to reduce financial risk and conflicts of interest.
The Glass-Steagall Act was central to banking regulation until key provisions were repealed in 1999.
Commentary
Commonly cited in discussions about financial stability and regulatory reform; refer to specific provisions when detailing regulatory effects.