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Banking ActNavigation: Home > Banking Law> Banking Act
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Passed in 1933, the Banking Act separated commercial banking from investment activities by restricting commercial banks from underwriting or distributing any securities other than federal government bonds; authorized the Federal Reserve Board to regulate the amount of interest that banks could pay on time deposits and to prohibit payment of interest on demand deposits; and created the Federal Deposit Insurance Corporation, designed to insure bank deposits up to some maximum amount with membership mandatory for Federal Reserve members and voluntary for nonmembers |
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