Which 1933 US law separated commercial and investment banking?

Which 1933 US law separated commercial and investment banking? The Glass-Steagall Act separated commercial and investment banking.

The name commonly refers to key provisions of the Banking Act of 1933, passed during the Great Depression after widespread bank failures and the 1929 stock-market crash. Sponsored by Senator Carter Glass and Representative Henry Steagall, the law sought to reduce conflicts of interest and limit the risks that deposit-taking banks could take in securities businesses.

Its separation rules restricted commercial banks from underwriting or dealing in many securities and restricted investment banks from taking deposits. The act also created the Federal Deposit Insurance Corporation, or FDIC, which insured qualifying bank deposits and helped restore public confidence in the banking system.

Glass-Steagall was gradually weakened before the remaining affiliation restrictions were repealed by the Gramm-Leach-Bliley Act of 1999. The later law did not create the original separation; it removed important barriers between commercial banking, securities activities, and insurance. Sarbanes-Oxley addressed corporate reporting after accounting scandals, while Dodd-Frank followed the 2008 financial crisis.