One challenge to the prohibitions stated in this legislation was led by James Saxon, and this legislation led to the Supreme Court case Board of Governors v. Agnew.
One challenge to the prohibitions stated in this legislation was led by James Saxon, and this legislation led to the Supreme Court case Board of Governors v. Agnew. H. Parker Willis was an advisor to one of the men who proposed this legislation, and he claimed that it was "already outdated" when it became a law. This act was eventually passed after the findings of an investigation led by Ferdinand Pecora. One act with the same name as this act passed a year earlier tried to counteract deflation by allowing paper currency to be given to the Federal Reserve. This legislation contains a section called Regulation Q and was the target of a Huey Long filibuster. The Gramm-Leach-Bliley Act repealed part of this act in 1999. For 10 points, name is 1933 legislation that created the FDIC and separated commercial banks and securities firms. 
One challenge to the prohibitions stated in this legislation was led by James Saxon, and this legislation led to the Supreme Court case Board of Governors v. Agnew.
Glass-Steagall Act