What did the glass-stegall act (the banking act) do?

The US Banking Act of 1933, is the law that seperated investment and retail banking

Explanation:

The act refers to 4 provisions set in place to manage investment and retail banking those 4 are:

dealing in non-governmental securities for customers, investing in non-investment grade securities for themselves, underwriting or distributing non-governmental securities, affiliating (or sharing employees) with companies involved in such activities

It was repealed in by President Clinton with the Financial Services Modernization Act of 1999