The American Banking Community and New Deal Banking Reforms, 1933-1935

By Helen M. Burns | Go to book overview

7
A New Deal Banking Bill: The Banking Act of 1935

The Banking Act of 1935, the end product of the combined efforts of the federal banking agencies, was in all respects an administration bill. Drafted by the president's order, the provisions welded together by his design, the contents cleared by his approval, and the law brought to fruition by his intercession, it can be considered as nothing less than a Roosevelt measure. However, on February 4, when the president sent copies of the bill to the respective chairmen of the Senate and House Banking and Currency Committees, no formal message accompanied the legislation. The president merely indicated that the bill was a tentative measure prepared by Governor Eccles of the Federal Reserve Board, Chairman Crowley of the Federal Deposit Insurance Corporation, and Comptroller of the Currency O'Connor. He pointed out that he would be glad to have these gentlemen testify before the committees if it was so desired.

On February 5, the bill was introduced in the House of Representatives by Chairman Steagall, 1 and on the following day it was introduced in the Senate by Chairman Fletcher. 2 There was an immediate reaction to the new banking proposals. In its proposal of radical changes in the Federal Reserve System, the measure encountered tremendous opposition from the banking community and from Senator Glass. The fight for its passage was to be hard and

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The American Banking Community and New Deal Banking Reforms, 1933-1935
Table of contents

Table of contents

  • Contributions in Economics and Economic History ii
  • Title Page iii
  • Contents vii
  • Tables ix
  • Preface xi
  • 1 - Bank Reform, Remedial Action, and the Democratic Party 1929-1932 3
  • Notes 27
  • 2 - The Crisis of March 1933 31
  • Notes 50
  • 3 - The Bankers' Views on Bank Reform 52
  • Notes 74
  • The Banking Act of 1933 and the Failure of the Opposition 77
  • Notes 93
  • 5 - The Roosevelt Banking Policy 97
  • Notes 113
  • 6 - The Period of Transition July 1933- December 1934 115
  • Notes 136
  • 7 - A New Deal Banking Bill: The Banking Act of 1935 139
  • Notes 175
  • 8 Conclusions 179
  • Notes 187
  • Bibliography 189
  • Index 197
  • Ab0ut the Author 205
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