Which U.S. president signed the Glass–Steagall Act after the banking failures surrounding the 1929 crash?

Franklin D. Roosevelt signed the Glass–Steagall Act after the banking failures surrounding the 1929 crash.

The Banking Act of 1933, commonly called Glass–Steagall, was signed by President Franklin D. Roosevelt on June 16, 1933. It created the Federal Deposit Insurance Corporation and imposed a separation between commercial banking and investment banking activities.

The law emerged during the Great Depression, when thousands of U.S. banks had failed and depositors had lost confidence. Senators Carter Glass and Henry Steagall were central figures in developing the legislation, which is why their names became attached to it.

Glass–Steagall did not cause the 1929 stock-market crash and was not enacted immediately afterward; it came several years later amid a broader banking crisis. Congress repealed much of its banking-separation provisions through the Gramm–Leach–Bliley Act in 1999, though some related restrictions remained in other forms.