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Where Credit Is Due

1913: Federal Reserve Act creates national banking system.

1914: Federal Trade Commission Act prohibits unfair or deceptive business practices.

1933: With memories of 1929 stock crash still fresh, Glass-Steagall Act separates "commercial banks" focusing on consumer activities (checking, savings) from "investment banks," which deal with speculative trading and mergers.

1968: Truth in Lending Act requires banks to disclose loan terms & fees.

1970: Bank Holding Company Act Amendments first step toward weakening Glass-Steagall; allow commercial banks, via holding companies, to both accept deposits and make commercial loans.

1978: Supreme Court's Marquette decision gives banks the right to ...

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