What Is the Congressional Act,enacted in 1933 and Repealed in 1999,which

question 196

Multiple Choice

What is the Congressional act,enacted in 1933 and repealed in 1999,which prevented financial firms from being both commercial banks and investment banks?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

Certified Public Accountant

A professionally accredited accountant who has met specific state qualifications and passed a national exam.

Foreseeable Plaintiff

A person who is readily identifiable as likely to be harmed by the defendant's conduct, thus owed a duty of care in negligence law.

Qualified Opinion

An opinion issued by an auditor saying that, as of a given date, the books of a firm represent its financial health; however, the auditor may qualify the opinion either because the firm is facing some uncertainty that might affect the company in the future or because the firm has deviated from generally accepted accounting principles (GAAP) in some minor way.

Sarbanes-Oxley Act

Legislation that places an affirmative duty on the directors of publicly-traded corporations to monitor whether they are conforming to all legal requirements.