Congress passed the Banking Act 1933. Four sections of the 1933 act barred commercial banks from certain invesment banking activities-Sections 16, 20,
{"Image DocumentName": "Congress passed the Banking Act 1933", "Image ImageDescription": "Congress passed the Banking Act Four sections of the 1933 act barred commercial banks from certain invesment banking activities-Sections 16, 20,21 and 32. These four sections are popularly referred to as the Glass-Steagall Act. Bank could neither underwrite securities and stock, nor act as dealers in the secondary market for securities and stock , although Section 16 does provide two exceptions. Section 16 also restricted the activities of banks in connection with corporate securities such as corporate bonds and commercial paper. Under Section 20 of the Glass-Steagall Act, commercial bank that were members of the Federal Reserve System were prohibited from maintaining a securities firm.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}