Definition:
Glass-Steagall Act
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The Glass-Steagall Act was a law passed by the U.S. Congress in 1933 that legally mandated the separation of commercial and investment banking.The Glass-Steagall Act also imposed interest rate ceilings on bank deposits, authorized the creation of the Federal Deposit Insurance Corporation (FDIC) and granted federally chartered banks the power to branch throughout a state, provided that state grants similar powers to its own state-chartered banks.
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