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The American banking system was created in large part by two pieces of legislation ó the National Bank Act of 1863 and the Federal Reserve Act of 1913. These measures were fine-tuned on a number of occasions, but the devastation brought by the Depression forced a harder look at banking practices.
By 1932, economic conditions had deteriorated worldwide and many people had sought to protect themselves by obtaining and hoarding gold. The result of this behavior was a contraction of credit.
In the United States, an effort was made to expand credit under the leadership of Senator Carter Glass, Democrat of Virginia, and Representative Henry B. Steagall, Democrat of Alabama. The result of their collaboration was what should be labeled the first Glass-Steagall Act, which accomplished the following:
More far-reaching action would be taken during the early years of the New Deal through the Banking Act of 1933 (sometimes called the second Glass-Steagall Act) and the Banking Act of 1935.
See other aspects of Hoover's domestic policy.
Libbey Glass Company
... window glass.† The firm was best known for its cut glass.† The Libbey Glass Company became even more profitable after Michael Owens, and inventor from Newark, Ohio, joined the firm.† Owens developed a machine that could automatically produce ...
Tennessee Williamsí The Glass Menagerie
Modern Critical Interpretations: The Glass Menagerie. New York: Chelsea House, 1988. PS 3545 .I5365 G537 1988 Boxill, Roger. Tennessee Williams. New York: St. Martinís, 1987. PS 3545 .I5365 Z58 1987 Jones, John H. "The Missing Link: The Father in ...
Shattering the Pension Glass Ceiling
I'm talking about the glass ceiling of pension security. I know that retirement security is an important issue for you. And I want to commend you for the trailblazing work that your organization is doing to address it -- in a very substantive way.