Quarterly Journal of Austrian Economics
Author:
Alexander Tabarrok
Online Publish Date:
Volume 1, No. 1 (Spring 1998) The Banking Act of 1933, sometimes referred to as the Glass-Steagall Act, separated commercial and investment banking, instituted Federal deposit insurance, prohibited interest payments on demand deposits, and reorganized the Federal Reserve. The Glass-Steagall Act is typically explained as a public-interest measure