Explain glass-steagall act

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Premise: The period from the 1930s to the 1980s began with the Great Depression, which put the financial and corporate sectors under a cloud, resulting in a host of New Deal reforms. In finance, the Glass-Steagall Act (1933) separated investment banks and commercial banks, ramped up federal regulation, and introduced deposit insurance. A series of securities acts (1933, 1934, and 1940) compelled publicly traded corporations to disclose more (and timelier) information to their stockholders and the general public. The acts also provided regulatory oversight of securities trading and investment companies.

Question:

The Glass-Steagall Act is one of the reforms that might have prevented the 2008 collapse in the financial markets if it was still active...why wasn't it still active and is it active today?

Reference no: EM133230451

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