Word of the Day: The Pecora Commission

Commission established by the U.S. Senate to study the causes of the crash of 1929. The hearings lasted for two years (1932 - 1934) and resulted in the U.S. Congress passing the Glass-Steagall Act in 1933, which mandated a separation between commercial banks, which take deposits and extend loans, and investment banks, which underwrite, issue, and distribute stocks, bonds, and other securities.