record depths.(Benston)The Banking Act of 1933

(approved June 16, 1933) extended federal

reserve open market activities; created the

Federal Deposit Insurance Corporation to insure

deposits; and regulated the operations of member

banks and seperated security groups.

The Banking Act of 1933 is also known as

the Glass-Steagall Act of 1933 because it was

authored by Senators Carter Glass and Henry

Steagall. This act made sure that banks did

not get mixed up with Wall Street. Spurred by

the 1929 market crash, known better as either

the Great Depression or Black Tuesday, and the

bank failures that followed, the act was aimed

at restoring confidence in the banking system.

This Banking Act of 1933 also helped

establish the Federal Deposit Insurance

Corporation,FDIC. The FDIC insured customer

accounts, and it also stopped banks from being

able to accept deposits and underwriting

securities at the same time. Banking

institutions were given a year to decide whether

to become commercial banks, which could accept

customer deposits in checking and savings

Provides permenent deposit insurance.

Some topics in this essay:
Banking Act, Establishes FDIC, CorporationFDIC FDIC, Benston FDIC, Thanks FDIC, Credit Unions, Reserve Board, Henry Steagall, Lydia Lobsiger, Depression Black, act 1933, banking act, banking act 1933, deposit insurance, creates federal, federal home, banks fail, federal home loan, home loan, president franklin roosevelt, loan bank, carter glass henry, carter glass, federal credit, federal deposit insurance,