The _____ prohibited commercial banks from being in the insurance and investment banking business.

Question

Quizplus · Accepted Answer

The Glass-Steagall Act, passed in 1933, specifically prohibited commercial banks from engaging in the investment banking and insurance businesses, creating a separation between these types of financial activities to reduce conflicts of interest and prevent the kind of bank failures that occurred during the Great Depression.

The _____ Prohibited Commercial Banks from Being in the Insurance