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Why was the glass-steagall act a key piece of legislation?

User Riskhan
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It helped separate commercial and investment banking. It prevents securities firms and investment banks from taking deposits and commercial Federal Reserve member banks from dealing in non-governmental securities for customers, investing in non-investment grade securities for themselves, underwriting or distributing non-governmental securities, and affiliating with companies involved with these activities.
User Arjun Tuli
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