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Several provisions of the 1933 Banking Act sought to restrict "speculative" uses of bank credit. Section 3(a) required each Federal Reserve Bank to monitor local member bank lending and investment to ensure there was not "undue use" of bank credit for "speculative trading or carrying" of securities, commodities or real estate. Section 7 limited ...
A draft law, prepared by the Treasury staff during Herbert Hoover's administration, was passed on March 9, 1933. The new law allowed the twelve Federal Reserve Banks to issue additional currency on good assets so that banks that reopened would be able to meet every legitimate call.
Sen. Carter Glass (D–Va.) and Rep. Henry B. Steagall (D–Ala.-3), the co-sponsors of the Glass–Steagall Act. The sponsors of both the Banking Act of 1933 and the Glass–Steagall Act of 1932 were southern Democrats: Senator Carter Glass of Virginia (who by 1932 had served in the House and the Senate, and as the Secretary of the Treasury); and Representative Henry B. Steagall of Alabama ...
The United States relies on state-level bank supervisors (or "state regulators", e.g. the New York State Department of Financial Services), and at the federal level on a number of agencies involved in the prudential supervision of credit institutions: for banks, the Federal Reserve, Office of the Comptroller of the Currency, and Federal Deposit ...
The Equal Credit Opportunity Act (ECOA) of 1974, implemented by Regulation B, requires creditors which regularly extend credit to customers—including banks, retailers, finance companies, and bank-card companies—to evaluate candidates on creditworthiness alone, rather than other factors such as race, color, religion, national origin, or sex ...
Truth in Lending Act; Long title: An Act to safeguard the consumer in connection with the utilization of credit by requiring full disclosure of the terms and conditions of finance charges in credit transactions or in offers to extend credit; by restricting the garnishment of wages; and by creating the National Commission on Consumer Finance to study and make recommendations on the need for ...
The law makes it illegal for banks to “deny or cancel, suspend, or terminate its services to a person, or to otherwise discriminate against a person in making available such services” on the ...
To make this happen, Eccles also wanted the Federal Reserve to become the Central Bank with concentrated power. [6] Eccles proposed four key points to be included in the new legislation: Change the title and approval process for the bank's heads; [6] Create a central committee of board members and bank governors to control open market ...