Glass-steagall Act (banking Act Of 1933)
Definition of "Glass-steagall act (banking act of 1933)"
Legislation excluding commercial banks that are members of the Federal Reserve System from most types of investment banking activities. The coauthor of the Act, Senator Carter Glass of Virginia, believed that commercial banks should restrict their activities to involvement in short-term loans to coincide with the nature of their primary classification of liabilities, demand deposits. Today, many in the banking field view these constraints as particularly burdensome because of increased competition from other financial institutions for customers' savings and investment dollars.
Popular Insurance Terms
Contribution whose purpose is to increase funding of underfunded pension plans. It is part of the calculation that is made to arrive at the plan's minimum funding requirement. Usually a ...
Coverage when a director or officer of a company commits a negligent act or omission, or misstatement or misleading statement, and a successful libel suit is brought against the company as ...
Ruling that, under current tax law, if an insurance company is to use a loss carryforward accounting adjustment, the company must first offset a net income loss in a specified time period ...
Policy that combines life insurance coverage on two lives and pays policy proceeds on the second person's death with the accumulation potential of an underlying variable investment ...
Contributions (under qualified employee benefit plans, such as pensions and health insurance) made by an employer on behalf of employees, deducted as a business expense for tax purposes. ...
Annuity modified joint life and survivorship annuity under which the income payments are reduced to one-half or two-thirds of the initial income amounts upon the death of the first ...
Practice of selling those securities whose price has increased and retaining those securities whose price has declined. The securities that have declined are listed at their amortized value ...
Property coverage on a dealer's interest in equipment while it is being installed. Labor and material are protected against such perils as fire, lightning, and windstorm. For example, if an ...
Situation wherein the agent's conduct causes a client or prospective insured reasonably to believe that the agent has the authority to sell an insurance policy and contract on behalf of the ...
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