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 However, the law was eventually repealed in 1999, which some argue contributed to the 2008 financial crisis.

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HopefullyInLawSchool
16:06
it means you will not be rejected today and may be accepted or WL in the future
Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
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