The Glass-Steagall Act was a landmark piece of legislation enacted in 1933 in the United States, aimed at restoring public confidence in the banking system after the Great Depression. It established a separation between commercial banking and investment banking, preventing banks from engaging in both activities simultaneously to reduce the risk of financial speculation. This act was instrumental in creating a more stable financial environment by protecting depositors' funds and limiting the risks banks could take. However, parts of the act were repealed in 1999, leading to debates about the implications for the financial crisis of 2008.