To prevent it from ever happening again, in 1933 Congress passed the Banking Act of 1933, better known as the Glass-Steagall Act.
FORBES: Bringing Back Glass-Steagall Would Rebuild Shattered Confidence In Wall Street
The Glass-Steagall banking Act of 1933, the Securities Act of 1933 or the Securities Exchange Act of 1934 were perhaps the most powerful and important financial laws ever created in the United States.
Congress passed historic banking regulations during the New Deal, including the Glass-Steagall Banking Act of 1933, the Securities Act of 1933, and the Public Utility Holding Company Act of 1935, all of which vastly expanded the role of the federal government in overseeing and regulating Wall Street.
There are only three non-bank E-money institutions authorized under the Financial Services (Banking) Act for issuing means of payment in the form of electronic money.
The Report of Foreign Bank and Financial Accounts requirements (31 CFR 103.24), or the FBAR rules, are part of the Banking Secrecy Act.
The letters appear to be tied to a broad Foreign Corrupt Practices Act investigation of the banking industry, said attorneys who are familiar with past FCPA investigations of other industries.
WSJ: SEC Probes Banks, Buyout Shops Over Dealings With Sovereign Funds
Merrill was one of the leading campaigners for the abolition of the Glass-Steagall act that kept investment banks out of commercial banking.
Politicians such as Phil Gramm, formerly a senator from Texas, sponsored the repeal of the Glass-Steagall act, a Depression-era separation of investment and retail banking.
Without any proposed capital controls or explicit enforcement measures, the U.S. Markets Security Act of 1997 contains a clear message: The relevant Committees of the Congress -- including Banking, Foreign Relations and Intelligence -- are now watching, even if most in the Executive Branch and the markets remain perilously dismissive of this complicated 21st century security challenge for this country and our allies.
CENTERFORSECURITYPOLICY: Testimony of Roger Robinson on market security
The Federal Reserve System, reconfigured by the Banking Acts of 1933 and 1935, is able to act quickly to prevent a high-finance crisis from becoming a credit-card crunch.
Yet banking regulators wait for conclusive proof of danger ahead before they act.
In a banking union, eurozone states would pool their resources to act as the insurers or guarantors of last resort for the deposits in eurozone banks and for bailouts of banks that get into difficulties (this would be true, even if banks subscribe to a deposit protection fund, because there would never be enough in this fund to deal with all possible crises).
There are rumours of several large corporate bankruptcies, possibly only days or weeks away, that could produce a long overdue bout of honesty in the banking system, and leave the government with no choice but to act.
Yet despite some talk about the need for a new Glass-Steagall act to separate retail and investment banking, and for higher capital charges based on size, the idea of breaking up institutions does not have great momentum.
ECONOMIST: The contract between society and banks will get stricter
"Card companies are figuring out how to replace old fees with new ones, " says Victor Stango, an associate economist with the Federal Reserve Bank of Chicago and a professor at the University of California, Davis, who has been analyzing how the Card Act will affect consumer banking.
Without any proposed capital controls or explicit enforcement measures, the U.S. Markets Security Act of 1997 contains a clear message: The relevant Committees of the Congress including Banking, Foreign Relations and Intelligence are now watching, even if most in the Executive Branch and the markets remain perilously dismissive of this complicated 21st century security challenge for this country and our allies.
CENTERFORSECURITYPOLICY: Testimony of Roger Robinson on market security
Yet unless the remitters became embroiled in a serious crime, often involving drug money, Western lawmakers largely ignored them, focusing instead on trying to dam the river of dirty money that flowed through traditional banking channels--chiefly through the 1970 Bank Secrecy Act, and later its amendments, which required banks to file reports of suspicious activity and high-dollar transactions, and to maintain information about account holders' identities.
As you know, since the beginning of the administration, we have steadily ramped up pressure on Iran through a non-precedented set of sanctions that included the National Defense Authorization Act passed at the end of last year, which added considerable pressure by focusing on the Iranian banking and petroleum sectors in particular.
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