The
Banking Act of 1933 was a statute enacted by the
United States Congress that established the
Federal Deposit Insurance Corporation (FDIC) and imposed various other banking reforms. The entire law is often referred to as the
Glass–Steagall Act, after its Congressional sponsors, Senator
Carter Glass (
D) of
Virginia, and Representative
Henry B. Steagall (D) of
Alabama. The term Glass–Steagall Act, however, is most often used to refer to four provisions of the Banking Act of 1933 that limited commercial bank securities activities and affiliations between commercial banks and securities firms. That limited meaning of the term is described in the article on
Glass–Steagall Legislation.