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Many critics believed that the commercial bank securities practices of the time had little actual effect on the already devastated economy and were not a major contributor to the Depression. Some legislators and bank reformers argued that the act was never necessary, or that it had become outdated and should be repealed.

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I think that the act was a successful use of funding, because it helped banks make responsible decisions and get back on their feet after the Great Depression.

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The glass- Steagall act was successful at the time, however banks complained that they couldn't compete with security firms. The act was repealed in 1999, this led to banks being too big to fail.

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The act was passed as an emergency measure to counter the failure of almost 5,000 banks during the Great Depression. The goal was to provide for the safer and more effective use of the assets of banks, to regulate interbank control, to prevent the undue diversion of funds into speculative operations, and for other purposes.

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Glass- Steagall Act (Federal Deposit insurance corporation - FDIC)