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Glass Steagall Banking Act/ FDIC

Glass Steagall Banking Act/ FDIC. Glass Steagall Banking Act. Passed in 1933 during first 100 days Emergency response to failing banks Tighter regulation power to Federal Reserve System Prohibited bank sales of securities Created FDIC. Role of Government/Effectiveness.

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Glass Steagall Banking Act/ FDIC

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  1. Glass Steagall Banking Act/ FDIC

  2. Glass Steagall Banking Act • Passed in 1933 during first 100 days • Emergency response to failing banks • Tighter regulation power to Federal Reserve System • Prohibited bank sales of securities • Created FDIC

  3. Role of Government/Effectiveness • More power to FRS • Increase in government spending • Increase in government involvement • More individual bank regulation • Restored confidence

  4. Federal Deposit Insurance Corporation (FDIC) • Targeted banks that failed • Federal reserve had power to regulate interest on savings and time deposits • Prevented interest-earning checking accounts • prevented commercial banks from risky investments

  5. Role of Government • Board of 5 directors appointed by president • Increased regulation of big business • Increased involvement in daily life • Increased government spending

  6. Effectiveness • Affected people and the banking system • Regained confidence and stabilized banks • Deemed constitutional

  7. Bibliography • Allen, Larry. "Glass-Steagall Banking Act (1933)." ABC-CLIO. American Government. 2012. Web. 27 Nov. 2012. http://americangovernment.abcclio.com/Search/Display/1541043?ter ms=Glass+Steagall+Banking+Act. • Federal Deposit Insurance Corporation." Encyclopædia Britannica. EncyclopædiaBritannica Online School Edition. Encyclopædia Britannica, Inc., 2012. Web. 27 Nov. 2012. http://school.eb.com/eb/article-9033896. • “Glass Steagall Act (1933).” The New York Times Company. The New York Times. Web. 27 November 2012. http://topics.nytimes.com/topics/reference/timestopics/subjects/g/gla ss_steagall_act_1933/index.html. • "Roosevelt, Franklin D.." Encyclopædia Britannica. Encyclopædia Britannica Online School Edition. Encyclopædia Britannica, Inc., 2012. Web. 27 November 2012. http://school.eb.com/eb/article-23944. • Roosevelt, Franklin D. “Transcript of Speech by President Franklin D. Roosevelt Regarding the Banking Crisis.” Federal Deposit Insurance Corporation. fdic.gov. 12 March 1933. Web. 27 November 2012. http://fdic.gov/about/history/3-12-33transcript.html.

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