Print
Word
PDF|
This section contains 94 words (approx. 1 page at 300 words per page) |
|
The FDIC. The first reform to derive from the Pecora investigation was the Glass- Steagall Banking Act, sponsored by Sen. Carter Glass of Virginia and Rep. Henry Steagall of Alabama in 1933, amid a rash of bank failures. The law regulated many of the unsound practices that contributed to the Depression, including making it illegal for banks to deal in stocks and bonds. It also created the Federal Deposit Insurance Corporation (FDIC). The FDIC initially guaranteed deposits to a maximum of $5,000. (In the 1990s it guarantees deposits up to $100,000.)
|
This section contains 94 words (approx. 1 page at 300 words per page) |
|
