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The 1933 passage of the glass steagall act by congress has profoundly effected the way banking has been conducted in the united states designed to prevent the kinds of bank failures that resulted from the crash of 1929 and the great depression that followed the act made it illegal for commercial banks to engage in investment banking and for investment banks to engage in commercial banking. The 1933 passage of the glass steagall act by congress has profoundly effected the way banking has been conducted in the united states designed to prevent the kinds of bank failures that resulted from the crash of 1929 and the great depression that followed the act made it illegal for commercial banks to engage in investment banking and for investment banks to engage in. The separation of commercial and investment banking the glass steagall act revisited and reconsidered benston george j on amazoncom free shipping on qualifying offers the separation of commercial and investment banking the glass steagall act revisited and reconsidered. The separation of commercial and investment banking the glass steagall act revisited and reconsidered george j benston auth. Isbn 0195208307 9780195208306 oclc number 21195254 description x 263 pages 23 cm contents machine derived contents note list of tables 1introduction i a very brief history of the act ii a brief history and overview of the book iii the provisions of the glass steagall act iv the generally accepted rationale for the separation of commercial and investment banking v