Which U.S. law was passed in 1933 after the 1929 crash to separate commercial and investment banking?

The U.S. law passed in 1933 to separate commercial and investment banking was the Glass–Steagall Act.

The law was part of the Banking Act of 1933, enacted during the banking crisis that followed the Wall Street Crash and the onset of the Great Depression. It restricted commercial banks from engaging in investment-banking activities and created the Federal Deposit Insurance Corporation to insure eligible bank deposits.

Senator Carter Glass and Representative Henry Steagall were the legislation’s principal namesakes. The separation was intended to reduce conflicts of interest and limit the risks that securities speculation could transmit into ordinary deposit banking.

The provisions were gradually weakened and were ultimately repealed through the Gramm–Leach–Bliley Act of 1999. A frequent confusion is treating the Securities Act of 1933 as the same law: that act regulated securities offerings, while Glass–Steagall addressed banking structure and deposit insurance.