The purpose of this discussion is to provide an overview of the Glass-Steagall Act—that is, of those provisions of U.S. national banking law which create a legal barrier between commercial and investment banking activities conducted in the United States. The focus of this presentation will be on how the legal distinctions between commercial and investment banking in the United States currently are interpreted and applied. This paper will, however, also discuss the origins and development of the Glass-Steagall Act and the prospects for its modification or repeal in the future.