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The Glass-Steagall Act of 1933 was passed in the aftermath of the crash of
1929. The following provisions were enacted:
* Separated the activities of banks and securities firms (prohibited
commercial banks from owning brokerages)
* Introduced FDIC insurance
* Regulation Q which placed a cap on interest paid on savings accounts
On November 12, 1999, President Clinton signed into law the
Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act. One impact of
this repeal is that certain advisory activities of the banks are now
regulated by the Investment Advisor Act of 1940.