June 16, 1933 – PASSAGE OF GLASS-STEAGALL ACT

1933 – PASSAGE OF GLASS-STEAGALL ACT
Actual title was Banking Act of 1933. Considered one of the most important post Depression laws, the legislation created the Federal Deposit Insurance Corporation, which protected bank deposits. It also instituted several bank reforms to curb speculation that caused the Depression. One important provision was to create a firewall between Main Street depository banks and Wall Street investment banks. The Act was repealed by the Gramm-Leach-Bliley Act in 1999