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Simple English definitions for legal terms

Banking Act of 1933

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A quick definition of Banking Act of 1933:

The Banking Act of 1933, also known as the Glass-Steagall Act, was a law created during the Great Depression to help prevent another financial crisis. It separated commercial banks (which take deposits and make loans to individuals and businesses) from investment banks (which buy and sell stocks and bonds). This was done to protect people's savings and prevent banks from taking too many risks with their money.

A more thorough explanation:

The Banking Act of 1933 is also known as the Glass-Steagall Act. This law was passed in response to the Great Depression and aimed to prevent another financial crisis by separating commercial banking from investment banking.

Commercial banks are the ones that take deposits from individuals and businesses and use that money to make loans. Investment banks, on the other hand, help companies issue stocks and bonds and engage in other risky financial activities.

The Glass-Steagall Act required commercial banks to focus on traditional banking activities and prohibited them from engaging in investment banking. This separation was meant to protect depositors' money from being used for risky investments that could lead to bank failures.

For example, if a commercial bank wanted to invest in the stock market, it would have to create a separate subsidiary to do so. This subsidiary would not be allowed to use the bank's deposits to fund its investments.

The Banking Act of 1933 helped stabilize the banking system and restore public confidence in banks. However, the law was eventually repealed in 1999, which some argue contributed to the 2008 financial crisis.

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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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