GLASS-STEAGALL ACT
\ɡlˈasstˈiːɡɔːl ˈakt], \ɡlˈasstˈiːɡɔːl ˈakt], \ɡ_l_ˈa_s_s_t_ˈiː_ɡ_ɔː_l ˈa_k_t]\
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Prohibited commercial banks from investment speculation. Speculation caused the collapse of many banks during the Great Depression. Became US law in 1933. Today, banks own brokerage firms and mutual funds and act as both agent and principals in securities trading. The strict provisions of this law were diluted during 1980s.
By Henry Campbell Black
Word of the day
Dopamine Acetyltransferase
- An enzyme that catalyzes the of groups from acetyl-CoA to arylamines. They have wide specificity for aromatic amines, particularly serotonin, and can also catalyze acetyl transfer between arylamines without CoA. EC 2.3.1.5.
Nearby Words
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- GLASS-STEAGALL ACT
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