Calendar of Historical Events
February 27, 1932
Glass-Steagall Act Passed
The Glass-Steagall Act was passed in response to the shortages in gold, because people were stockpiling it to get through the Depression. Foreign governments were also pulling out of the gold standard. The Glass-Steagall Act was designed to give more power to the Federal Reserve Board, allowing them to extend credit, and let them release some of the governments gold to businesses.