/biz/ - Business & Finance

>>57091493
provisions of the 1933 Banking Act 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.

limited the total amount of loans a member bank could make secured by stocks or bonds and permitted the Federal Reserve Board to impose tighter restrictions and to not limit the total amount of such loans that could be made by member banks in any Federal Reserve district.

prohibited Federal Reserve member banks from acting as agents for nonbanks in placing loans to brokers or dealers.[16]

required state member banks to provide its district's Federal Reserve Bank and the Federal Reserve Board and national banks to provide the Comptroller of the Currency a minimum of three reports on their affiliates

regulated transactions between Federal Reserve member banks and their nonbank affiliates

established criminal penalties for misconduct by officers or directors of Federal Reserve System member banks and authorized the Federal Reserve to remove such officers or directors;

eliminated personal liability ("double liability") for new shareholders of national banks
gave national banks the same ability to establish branches in their "home state" as state chartered banks in that state.[21]


Provisions of the 1933 Banking Act that were later repealed or replaced include (1) Sections 5(c) and 19, which required an owner of more than 50% of a Federal Reserve System member bank's stock to receive a permit from (and submit to inspection by) the Federal Reserve Board to vote that stock (replaced by the Bank Holding Company Act of 1956)

established the Federal Open Market Committee (FOMC) made up of representatives from each of the 12 Federal Reserve Banks (revised by the Federal Reserve Board-dominated FOMC established by the Banking Act of 1935 and later amended in 1942)

>>50758944
sir could you not follow my family around. He is trying to do the needful.
>AFCG