Glass-Steagall Act

Definition:

1933 legislation prohibiting commercial banks to own, underwrite, or deal in corporate stock and corporate bonds. The bill was effectively repealed by the Gramm-Leach-Bliley Act, November 12, 1999.

Investing Essentials


Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Insured account

A bank or financial account that is insured for the benefit of the depositor, protecting against loss in the event that the savings institution becomes insolvent. See: FDIC.

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