The Glass-Steagall Act, passed in 1933, aimed to prevent imprudent financial speculation by separating commercial and investment banks. The act also created the FDIC to protect depositors. The act was largely repealed in 1999 with the Gramm-Leach-Bliley Act, allowing banks to merge and underwrite insurance. The Glass-Steagall Act (GSA), passed by the Senate in 1933, […]