feb 27, 1932 - Signs Banking Act of 1932, amending the Federal Reserve Act—also known as the Glass-Steagall Act--(47 Stat 56). This act expended the range of assets for which the Federal Reserve Banks could provide loans. It also allowed Federal Reserve notes (i.e. paper money) to be backed by government securities in addition to gold and commercial paper. Thus the Federal Reserve could purchase government debt
Added to timeline:
Date:
feb 27, 1932
Now
~ 93 years ago