Interest payments on regular checking accounts were prohibited in the United States under terms of the:
A)Glass-Steagall Act.
B)McFadden-Pepper Act.
C)National Bank Act.
D)Garn-St.Germain Depository Institutions Act.
E)None of the options is correct.

Question

Quizplus · Accepted Answer

The Glass-Steagall Act of 1933 prohibited commercial banks from paying interest on checking accounts as a measure to prevent speculation and reduce risks associated with banking.

Interest Payments on Regular Checking Accounts Were Prohibited in the United