It was this logic that ensured a clear separation in the us banking Act of 1933 between deposit-taking commercial Banks and the speculative investment banking business.

正是这一逻辑，确保了美国《1933年银行法》(US Banking Act of 1933)做出明确隔离吸收存款的商业银行与投机性投行业务的规定。

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After the Wall Street crash of 1929, it took four years before Congress passed the Glass-Steagall act, which split commercial banking from securities dealing. (Before the legislation bank deposits were frequently diverted in support of new issues by commercial bankers' investment-banking colleagues.) Other restrictive rules continued to be made until 1940.

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Whereas, the Glass-Steagall Act unfairly limited them to retail and commercial banking.

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Merrill was one of the leading campaigners for the abolition of the Glass-Steagall act that kept investment banks out of commercial banking.

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