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Revelations of the Senate investigation of banks and brokerages prompted Congress to pass new regulatory legislation even before the Pecora Committee released its final report in June 1934. With the Banking Act of 1933, Congress created the Federal Deposit Insurance Corporation (FDIC) to insure bank deposits. The Banking Act further protected customers’ savings by separating commercial and investment banking.
Records of the U.S. House of Representatives, National Archives and Records Administration