Thursday, June 16, 2011

Friday, June 16, 1933

Washed some more woodwork today but didn't quite finish. Swept floors. Washed front room windows.

Great Seal of the United States.
The Banking Act of 1933, enacted June 16, 1933, was a law that established the
Federal Deposit Insurance Corporation (FDIC) to insure bank deposits in the
United States. It also introduced other banking reforms. The act was a reaction to the
collapse of a large portion of the American commercial banking system in early 1933.
It is most commonly known as the Glass–Steagall Act, after its legislative sponsors,
 Senator Carter Glass (D-VA) and Congressman Henry B. Steagall (D-AL). 

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