Word: eccleses
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Three months ago the House first passed the Banking Bill sent it by Governor Marriner Stoddard Eccles of the Federal Reserve Board. Lest Senator Glass, known to be opposed to the Eccles bill, should change it, his Senate subcommittee on Banking & Currency was packed with friends of the New Deal...
The Eccles bill placed the Federal Reserve Board under the thumb of the President by giving him power to appoint and remove at will the Governor and Vice Governor. To this Administration-controlled Board it gave centralized powers to fix rediscount rates and conduct open-market operations (powers that had...
If Governor Eccles is something of a Hamiltonian in his central banking philosophy, Senator Glass is a thoroughgoing Jeffersonian, defending the rights of the regional Reserve Banks and fearful of political contamination. In the Glass draft the Reserve Banks have a strong voice in, though not control of, the country...
The Bill. The chief argument was not over Title I, which sets up permanent deposit insurance on accounts up to $5,000, nor over Title III, which is largely comprised of technical amendments to the banking laws, but over Title II, dealing with the powers and prerogatives of the Federal...
Governor Eccles wanted to give the Board power to alter at will and in any degree the reserves that member banks must by law maintain, so that it might apply brakes to any runaway credit inflation. The Glass Bill limits the possible upping of reserve requirements to double the present...