Page "Glass–Steagall Act" Paragraph 53

National City Bank ( predecessor to Citibank ) was the only commercial bank examined by Ferdinand Pecora before the 1933 Banking Act became law in June 1933.

After the National City hearings ended on March 2, 1933, the Pecora Investigation resumed in May 1933, with the examination of “ private bankers ,” covering J. P. Morgan & Co., Kuhn, Loeb & Co., and Dillon, Read & Co. before returning to a commercial bank with the examination of Chase National Bank beginning in late October 1933.

Although those hearings, therefore, took place after the 1933 Banking Act became law, testimony from the lengthy Chase hearings is often cited as evidence for the need to separate commercial and investment banking.