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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 However, the law was eventually repealed in 1999, which some argue contributed to the 2008 financial crisis.

bank holding company | banking day

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Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
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