Glass-Steagall Act
Banking Act of 1933
§ LEGISLATIONfinance· 1933
What It Did
Separated commercial banking from investment banking, created the FDIC to insure bank deposits, and established regulations to reduce speculation. Enacted in response to the wave of bank failures during the Great Depression.
The Vote
House · 262–19 (passage)
D
209 YEA · 5 NAY
R
53 YEA · 14 NAY
Senate · 54–9 (passage)
D
43 YEA · 2 NAY
R
11 YEA · 7 NAY
Key Sponsors
→ Carter Glass (D-VA) · Senate
→ Henry B. Steagall (D-AL) · House
Sources: Congress.gov · VoteView · FRED
In the Years Following
Economic indicators related to this law, showing 5 years before through 10 years after.
Industrial Production Index
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Manufacturing Employment
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Many factors influence economic outcomes. This chart shows trends in the years surrounding this legislation — not necessarily caused by it.