The Banking Act of 1935 Centralizes U.S. Monetary Control
At a glance:
- Series: Great Events from History II: Business and Commerce Series
- Categories: Government and Politics, Economics
- Subcategories: Business, Laws, Acts, Legislation, Banks, Banking, Finance
- Curriculum: American History 1901-1950
- Geographical Location: Washington, D.C.
- Date: August 23, 1935
Article abstract: By centralizing monetary control, the Banking Act of 1935 assured businesspeople of a more stable and predictable economic environment and allowed longer-range planning.
Summary of Event
The Banking Act of 1935 (H.R. 7617) reorganized control of the U.S. monetary system, centralizing power in the hands of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee. Prior to the act, each of the twelve Federal Reserve Banks that had been established by the Federal Reserve Act of 1913 had been freer to...
[The entire page is 2548 words long]
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