Financial Reform Glossary (Please contribute and provide links to sources)

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Glass-Steagall Act of 1933: “The act introduced the separation of the bank types according to their business (commercial and investment banking)…Repealed in 1999…”  “Glass-Steagall separated low-risk banking activities from high risk banking activities. Investment banking (high-risk) want to also participate in low-risk activities because it gives them greater access to money, our money, in order to gamble.” @JCii

Tobin Tax:  “…Puts a penalty on short-term financial round-trip excursions into another currency….  At each exchange of a currency into another a small tax would be levied – let’s say, 0.5% of the volume of the transaction. This dissuades speculators as many investors invest their money in foreign exchange on a very short-term basis.”

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