Henry Bascom Steagall (May 19, 1873 – November 22, 1943) was a United States representative from Alabama. He was chairman of the Committee on Banking and Currency and in 1933, he co-sponsored the Glass–Steagall Act with Carter Glass, an act that introduced banking reforms and established the Federal Deposit Insurance Corporation (FDIC). With Senator Robert F. Wagner, he co-sponsored the Wagner-Steagall National Housing Act of September 1937 which created the United States Housing Authority.
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👉 Henry B. Steagall in the context of Glass–Steagall Legislation
The Glass–Steagall legislation describes four provisions of the United States Banking Act of 1933 separating commercial and investment banking. The article 1933 Banking Act describes the entire law, including the legislative history of the provisions covered.
As with the Glass–Steagall Act of 1932, the common name comes from the names of the Congressional sponsors, Senator Carter Glass and Representative Henry B. Steagall.
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Henry B. Steagall in the context of 1933 Banking Act
The Banking Act of 1933 (Pub. L. 73–66, 48 Stat. 162, enacted June 16, 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.
The Banking Act of 1933 (the 1933 Banking Act) joined two long-standing Congressional projects: