The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) and became effective on January 1, 1934 for the purpose of banking reform. It was created in response to the stock market crash when people lost everything they had. Encouraging people to start saving again and to build confidence in the American banking system, this act set more stringent capital requirements and provided depositors with insurance on their deposits. The repeal of the Glass-Steagall Act: Right or Wrong.
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The Repeal of the Glass Steagall Act - Right Or Wrong
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