A Fed policy on commercial paper was overruled.
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U.S. District Judge Joyce Hens Green said the commercial paper placement activities of Bankers Trust violate the 1933 Glass Steagall Act, which forbids banks from underwriting securities. She said that a Federal Reserve Board ruling allowing Bankers Trust and other banks to place commercial paper was mistaken. Commercial paper issues are short-term promissory notes sold by corporations to raise funds.
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