Banking Acts, 1933, 1935
   The 1933 Banking Act, known as the Glass-Steagall Act, passed on 16 June 1933, restricted the use of the Federal Reserve for speculative purposes and established a Federal Deposit Insurance Corporation to insure money deposited by approved banks. The 1935 act reorganized the Federal Reserve Bank, reducing the Federal Reserve Board of governors. The act also strengthened the board’s powers to limit speculation and required all large state banks to join the Federal Reserve system by 1942.
   See also Banking.

Historical Dictionary of the Roosevelt–Truman Era . . 2015.

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