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History: Glass Steagall Act: Definition, Purpose, and Repeal : This 1933 Law Would Have Prevented the Financial Crisis

Definition of The Glass Steagall Act: The Glass-Steagall Act is a law that prevented banks from using depositors' funds for risky investments, such as the stock market. It was also known as the Banking Act of 1933 (48 Stat. 162). It gave power to the Federal Reserve to regulate retail banks. It also prohibited bank sales of securities. It created the Federal Deposit Insurance Corporation (FDIC).
Glass-Steagall separated investment banking from retail banking.

Glass Steagall needs to be introduced into Australia to stop the next Financial Crisis.


The great bail-in cover-up underway

Since they rushed through the APRA crisis resolution powers law on Valentines Day with just seven senators present and no formal vote, the government and financial authorities are working over time to cover up that they have just legislated what one expert has called “martial law” for the next financial crisis, under which Australians will lose their savings to prop up failing banks.

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