Federal Deposit Insurance Corporation, Speculation
Glass-Steagall and Why Obama wants it Forgotten
By Bob Beers Monday, May 17, 2010
Most people are unaware that a little-remembered bit of legislation known as the Banking Act of 1933 was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation. It is most commonly known as the Glass–Steagall Act, after its legislative sponsors, Carter Glass and Henry B. Steagall.