The U.S financial market has over time become the most vital industry in modern western society. Movements in the U.S. financial market can have a profound effect on the global economy. It is therefore important for the U.S. government to keep an eye on an industry that can have such an effect on people. Regulation has been used as a device for governments to limit the freedom of the financial market in order to protect the population. The Great Depression and the 2008 financial crisis was a searing experience for the U.S. government and its citizens, one theme in discussions of the both crises has been the lack of regulation. With almost no regulation in place, the financial elite can do whatever they want in order to satisfy their own selfish needs and set the economy in jeopardy. The U.S. government should remedy the faults in the financial infrastructure by reinstating the Glass-Steagall Act as well as other regulations. To understand the history of regulation, how if first came into effect and why, one has to go back in history. Throughout history, the rule of investing in the stock market has been kept among the wealthy, they were the people who could afford to buy stocks in companies and purchase bonds from banks (Suarez, 2014). Because they were wealthy, it was believed that they could handle the risks of losing money in the stock market (Suarez, 2014). During 1920s and early 1930s, investing in the stock market quickly became a national interest, as people from every class began to invest in the stock market, which also expanded the U.S. economy significantly (Suarez, 2014). With many people investing in the stock market, the majority of them did not have the basic knowledge about stocks, which increased the high-level manipulation by banks and financial institutions because no regulation was in place to prevent them from doing it (Suarez, 2014). In his article, Andrew Beattie describes what the unregulated market caused, "Brokers, market makers, owners and even bankers began trading shares between themselves to drive up prices higher and higher before unloading the shares to the public  (Beattie, 2014). Without asking, more and more people bought the manipulated high-priced stocks and these "grenades  eventually turned the market since banks dumped their stocks and prices fell significantly (Suarez, 2014). This caused an epidemic among the U.S. population because their investment was not worth anything anymore, and the little savings they had was gone (Suarez, 2014). As a result, The Great Depression began in 1929 (Suarez, 2012). As a result of the unregulated market, the Great Depression caused enormous devastation for the American population; millions of people lost their jobs, savings, and homes (Suarez, 2014). Millions of people all over The United States had invested all their savings into the stock market, and when the crash finally came, all was lost (Suarez, 2014). U.S. industrial production dropped by half and companies were unable to sell their products which forced them to lay of millions of people, "13 to 15 million Americans were unemployed and nearly half of the country's banks had failed  (Suarez, 2014). Farmers had no money to harvest anymore which caused a food shortage, which led to that many people in the United States died of hunger (Suarez, 2014). With an increasing hungry population, soup kitchens rose in numbers (Suarez, 2014). Millions of people were evicted from their homes, unable to pay the mortgage and it increased homelessness in American cities (Suarez, 2014). Fortunately, the Great Depression forced the U.S. government to take action. As a result of the great depression, in 1933, the U.S. government passed two prominent legislations that regulated the banks (Rahman, 2012). The Glass-Steagall Act and Securities and Exchange Act (Rahman, 2012). These acts prevented commercial banks and financial institutions from manipulating the prices with each other and as it also, changed the way Wall Street operated (Rahman, 2012). The Securities and Exchange Act demanded companies to reveal their investments as it also brought individuals to trial for manipulating the market and other security violations (Rahman, 2012). The Glass-Steagall Act separated the investment banks and the commercial banks from each other, meaning that commercial banks were prohibited from investing