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The 1999 Decision That Killed Our Future
The Banking Act of 1933, known as the Glass-Steagall Act, was passed by the United States Congress with the purpose of separating investment banking from retail banking. The bill was designed “to provide for the safer and more effective use of the assets of banks, to regulate interbank control, to prevent the undue diversion of funds into speculative operations, and for other purposes.” No longer could retail banks who mostly took deposits, manage checking accounts, and made loans use depositors’ funds for risky investments. This Act restored a lot of faith back into the banking system after the 1929 crash. Then, our government decided to get rid of it. And the rickety house of cards our economy is built on came to be.
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