What Congressional Act, Enacted in 1933 and Repealed in 1999

question 74

Multiple Choice

What Congressional act, enacted in 1933 and repealed in 1999, prevented financial firms from being both commercial banks and investment banks?

• A)the Sarbanes-Oxley Act
• B)the Glass-Steagall Act
• C)the Taft-Hartley Act
• D)the Cellar-Kefauver Act

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Definitions:

Revaluation Model

An accounting method allowing for the increase or decrease of an asset's value on the balance sheet, based on current fair values.

Fair Value

The price at which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction.

Gain on Sale

The financial profit gained from selling an asset for more than its book value.

Opening Retained Earnings

The amount of retained earnings at the beginning of a financial period, representing the accumulated profits that have not been distributed to shareholders as dividends.