23 agos 1935 anni - Banking Act of 1935

Descrizione:

Congress approved legislation that had a major impact on the Federal Reserve Banks, the Banking Act of 1935. This Act structurally altered forever the entire concept behind the Federal Reserve whereas its purpose originally was to provide stability with respect to internal capital flows in addition to a regulatory clearing house for the banks. Each branch maintained its separate interest rate to attract capital to a region or to deflect it to prevent another Panic of 1907 when cash flowed from the East to the West because of the San Francisco Earthquake of 1906.

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