The Banking Act of 1933, known as Glass-Steagall, was a far-reaching piece of American financial legislation. Among many provisions, this legislation made it compulsory for investment banks to commission independent financial research into the deals they were brokering; fearing conflicts of interest, Glass-Steagall forbade law firms, accounting firms, and the banks themselves from conducting this work. In effect, the Glass-Steagall Act made it a legal requirement for banks to hire management consultants.