The Banking Act of 1933, known as the Glass-Steagall Act (葛斯法案), separated commercial banking and investment banking, where the latter refers specifically to issuing, underwriting, selling, or distributing stock or bond offerings of corporations.
Commercial banks had become deeply involved in the sale and distribution of new stock and bond offerings in the 1920s, not always with happy results.
There were suspicions that banks on occasion dumped new offerings into trust funds that they managed because they couldn't sell them to anyone else.To avoid such conflicts of interest, the Banking Act of 1933 divorced commercial from investment banking. Banks involved in both areas were forced to choose one or the other.Commercial banks were allowed to distribute new offerings of federal government securities and "full faith and credit" general obligations of state and local governments. 59. But Glass-Steagall provided that banks could not get involved in new offerings of corporate stocks or bonds or municipal revenue bonds.
Revenue bonds differ from general municipal obligations in that they are not backed by the full taxing power of the state or local government; bondholders have a claim only on the revenues of a specific project being financed, such as a toll road or a state university dormitory. 60. The Act was also interpreted as meaning that commercial banks could not offer mutual funds, including money market mutual funds. Commercial banks believe they are being discriminated against by the provisions of the Glass-Steagall Act.
(56)
相关问题推荐
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In this part, you are required to write a composition entitled The Development of English Economy in China in no less than 200 words. Your composition should be based on the following outline:
1．英语经济的定义。
2．简述英语经济在我国的发展情况。
3．如果你所在地区的英语经济发展缓慢，请说明原因。
4．英语经济在中国迅速发展的意义。
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Earthquakes
At two minutes to noon in September 1 of 1923, the great clock in Tokyo stopped. 67. Tokyo Bay Shook as if huge rug had been pulled from under it. 68. Towered above the bay, the 4,000 meter Mount Fuji stood above a deep trench in the sea. 69. It was from this trench where the earthquake came, at a magnitude of 8. 3 on the Richter scale.Huge waves swept over the city. 70. Boats were driven inland, and buildings and people were dragged out sea. 71. The tremors dislodged part of a hillside, which gave way, brushing trains, stations and bodies the water below. 72. Three massive shocks wrecked the of Tokyo and Yokohama and, during the next six hours, there were more than 100 aftershocks.
The casualties were enormous, but there were also some lucky survivors. 73. The most remarkably was a woman who was having a bath in her room at the Tokyo Grand Hotel. 74. As for the hotel collapsed, she and her bath gracefully descended to the street, 75. leave both her and the bath water intact.
(66)
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爱情被认为是文学作品的永恒主题，中西方文化都产生了许多以爱情为主题的伟大作品。我国伟大的古典小说家曹雪芹所著的《红楼梦》和“英国文学之父”威廉？莎士比亚的《罗密欧与朱丽叶》，都是以爱情为主题的文学作品。
曹雪芹于18世纪末期完成《红楼梦》，而莎士比亚的作品于20世纪初期才传人中国。因此，曹雪芹的《红楼梦》并未受到《罗密欧与朱丽叶》的影响。莎士比亚生活在16～17世纪的英格兰，他自然无缘见识《红楼梦》。可是，这两位生活于不同世纪、不同文化背景下的文坛巨人的作品中，却存在着许多共同之处。
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In this part, you are required to write a composition entitled Which Is More Important, Degree or Ability in no less than 200 words. Your composition should be based on the following outline:
1．有些人认为学位重要。
2．另一些认为能力重要。
3．你的看法。
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Genius
The greatest results in life are attained by simple means, and the exercise of ordinary qualities. The common life of every day, with its cares, necessities, and duties, affords ample opportunity for acquiring experience of the best kind; and 41. its most beaten paths provide the true worker with abundant scope for effort and room for self-improvement. 42. The road of human welfare lies along the old highway of steadfast well-doing; and they who are the most persistent, and work in the truest: spirit, will usually be the most successful.
Fortune has often been blamed for her blindness; but fortune is not so blind as men are. 43. Those who look into practical life will find that fortune is usually on the side of the industrious, as the winds and waves are on the side of the best navigators. In the pursuit of even the highest branches of human inquiry, the commoner qualities are found the most useful, such as common sense, attention, application, and perseverance.
Genius may not be necessary, though even genius of the highest sort does not disdain the use of these ordinary qualities. 44. The very greatest men have been among the least believers in the power of genius, and as worldly wise and persevering as successful men of the commoner sort. 45. Some have even defined genius to be only common sense intensified. A distinguished teacher and president of a college spoke of it as the power of making efforts. John Foster held it to be the power of lighting one's own fire. Buffon said of genius "it is patience".
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