Two separate laws are known as the Glass-Steagall Act. The first, enacted February 27, 1932 by President Herbert Hoover took the United States off the gold standard and greatly increased the ability of the Federal Reserve to influence the money supply. The second, also known as the "Banking Act of 1933", enacted June 16, 1933 by US President Franklin D. Roosevelt attempted to make banking safer and less prone to speculation. Both acts were reactions of the government to cope with the economic problems which followed the Stock Market Crash of 1929. February 27 is the 58th day of the year in the Gregorian Calendar. ... 1932 (MCMXXXII) is a leap year starting on Friday. ... Herbert Clark Hoover (August 10, 1874 – October 20, 1964) the 31st President of the United States (1929-1933). ... June 16 is the 167th day of the year in the Gregorian calendar (168th in leap years), with 198 days remaining. ... 1933 (MCMXXXIII) was a common year starting on Sunday (link will take you to calendar). ... The President of the United States (fully, President of the United States of America; unofficially abbreviated POTUS) is the American head of state and the chief executive of the federal government. ... Franklin Delano Roosevelt (January 30, 1882 – April 12, 1945), 32nd President of the United States (1933-1945), is best known for his leading the U.S. through the Great Depression via his New Deal, his building a powerful political coalition, the New Deal Coalition, that dominated American politics for decades... The 1929 stock market crash devastated economies worldwide The Wall Street Crash refers to the stock market crash that occurred on October 29, 1929, when share prices on the New York Stock Exchange collapsed, leading eventually to the Great Depression. ...

The Glass-Steagall Act of 1932 included the following provisions:

• Permitted Federal Reserve banks to use government securities as collateral for the issue of Federal Reserve notes.
• Relaxed the collateral security required by member banks at the discount window.
• Allowed the government to loan out the nation's gold reserves.

The Banking Act of 1933 included the following provisions:

• Separated the activities of commercial banks and securities firms and (prohibited commercial banks from owning brokerages).
• Introduced Federal Deposit Insurance Corporation insurance.
• Included 'Regulation Q' which prohibited paying interest on commercial demand deposits and capped the interest rate on savings deposits.

Of the important changes to the banking laws in these acts, perhaps the most significant was the separation of commercial and investment banks. Before Glass-Steagall, Federal Reserve notes (i.e., U.S. dollars) could only be issued by the government if they were backed with gold. This restricted the amount of dollars the government could issue. By allowing collateralization of dollars on government debt, the treasury gained the authority to create dollars in any amount it desired. A commercial bank is a type of financial intermediary and a type of bank. ... Security is a type of transferable interest representing financial value. ... This article needs to be cleaned up to conform to a higher standard of quality. ... The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency created by the Glass-Steagall Act of 1933. ...

Note that the Banking Act of 1933 should not be confused with the "Emergency Banking Act" of March 9, 1933 which officially took the United States off the gold standard, barred Americans from possessing gold and gave the president wide latitude to dictate fiscal rules and policy. The Emergency Banking Act (also known as the Emergency Banking Relief Act) was an act of the United States Congress spearheaded by President Franklin D. Roosevelt during the Great Depression. ... March 9 is the 68th day of the year in the Gregorian Calendar (69th in Leap years). ... 1933 (MCMXXXIII) was a common year starting on Sunday (link will take you to calendar). ...

Both bills were sponsored by Democratic Senator Carter Glass of Virginia, a former Secretary of the Treasury, and Democratic Congressman Henry B. Steagall of Alabama, Chairman of the House Committee on Banking and Currency. The Democratic Party is one of the two major political parties in the United States. ... Seal of the Senate The United States Senate is one of the two chambers of the Congress of the United States, the other being the House of Representatives. ... Carter Glass Carter Glass (January 4, 1858–May 28, 1946) was an American politician from Virginia, who served many years in Congress, as well as U.S. Secretary of the Treasury under Woodrow Wilson. ... State nickname: Old Dominion Official languages English Capital Richmond Largest city Virginia Beach Governor Mark R. Warner (D) Tim Kaine (D-Governor Elect) Senators John Warner (R) George Allen (R) Area  - Total  - % water Ranked 35th 110,862 km² 7. ... John W. Snow, the current Secretary of the Treasury. ... Congress in Joint Session. ... Henry Bascom Steagall (1873-1943) was a United States Representative from Alabama. ... State nickname: Camellia State, The Heart of Dixie¹, Yellowhammer State Official languages English Capital Montgomery Largest city Birmingham Governor Bob Riley (R) Senators Richard Shelby (R) Jeff Sessions (R) Area  - Total  - % water Ranked 30th 52,423 mi²/135,775 km² 3. ...

On November 12, 1999, President Bill Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act. One impact of this repeal is that certain advisory activities of the banks are now regulated by the Investment Advisors Act of 1940. William Jefferson Bill Clinton (born William Jefferson Blythe, III on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ... The Gramm-Leach-Bliley Financial Services Modernization Act of 1998 repealed the Glass-Steagall Act opening up competition among banks, securities companies and insurance companies. ... Also identified as Title 15, Chapter 2D of the United States Code, this Act was created to regulate the actions of Investment Advisors as defined by the text of the bill. ...