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Glass-Steagall Act  

Definition 1.

1933 Congressional law which authorized deposit insurance and prohibited commercial banks from owning brokerages. The latter rule has softened, and many banks now own discount brokers, sell mutual funds, and participate in underwritings.
 

Definition 2.

An Act passed by Congress in 1933, that prohibited commercial banks from collaborating with full-service brokerage firms or participating in investment banking activities.
 

Definition 3.

33 legislation prohibiting commercial banks to own, underwrite, or deal in corporate stock and corporate bonds.
 
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