THE GLASS-STEAGALL

The Glass-Steagall

The Glass-Steagall

The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) and became productive on January 1, 1934 for the reason of banking reform. Encouraging persons to start keeping afresh and to construct self-assurance in the American banking scheme, this proceed set more tough capital obligations and supplied depositors with protection on their down payments starting at $2,500 worth of coverage. Today, depositors have $100,000 treatment on their down payments per account. The Glass-Steagall Act furthermore ostracized any attachment between financial banks and buying into banking for the reason of stopping market conjecture and initiating future ...