The Separation of Commercial and Investment Banking: The Glass-Steagall Act Revisited and Reconsidered
The 1933 passage of the Glass-Steagall Act by Congress has profoundly effected the way banking has been conducted in the United States. Designed to prevent the kinds of bank failures that resulted from the Crash of 1929 and the Great Depression that followed, the Act made it illegal for commercial banks to engage in investment banking, and for investment banks to engage in commercial banking. This study explores the reasons for the passage of the Act, offers new insights into the forces that shaped the final legislation, and examines the possible consequences of repealing the Act--arguing that repeal will not result in the resumption of the problems that created a need for protective legislation.
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Securities Affiliates and the Securities Holdings
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abuses accounts assets authorises bank holding bank holding companies Bank of United bank stock bank's bankers banking system benefit Board borrowed brokerage brokers capital Carosso cent Chapter charge Chase National Bank Chase Securities Corporation cited commercial and investment commercial banks competition Comptroller conflicts of interest cost customers deposit insurance depositors economies of scope equity evidence Federal Reserve financial services Glass Subcommittee Hearings Glass-Steagall Act ibid investment banking Investment Company Institute investment trusts investors J. P. Morgan loans losses ment million Mitchell mutual funds National City Bank National City Company non-bank OCC Interpretive Letter offer organisations participation profits purchase record reports returns risk SEC Study securities activities securities affiliates securities firms Securities Industry Association securities operations sell Senator Glass separation of commercial shareholders shares sold specialised banking sponsored stockholders Subcommittee Hearings 1931 subsidiary trading transactions underwriting universal banks Wiggin