What legislation aimed to reform the banking system after the 1930s? 🔊
The legislation that aimed to reform the banking system after the 1930s was the Glass-Steagall Act of 1933. This act was passed in response to the banking failures during the Great Depression, designed to restore public confidence in the financial system. It implemented measures to separate commercial and investment banking, thus limiting risk-taking by banks with depositors' funds and establishing the Federal Deposit Insurance Corporation (FDIC) to insure bank deposits. The reforms aimed to prevent future banking crises, contributing to the stability of the financial sector for decades until parts of it were repealed in the 1990s.


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