BANKING IN AMERICA
HOUSE PASSES REFORM BILL GREATER POWER FOR RESERVE BOARD Press Association—By Telegraph—Copyright WASHINGTON, May 9. The House, by 271 votes to 110, passed tho Administration’s Bank Reform Bill, giving the Federal Reserve Board central banking powers. The measure, which now awaits Senate action, permits the board to fix a reserve that member banks must maintain against depositors, and directs the board to use its powers to promote business stability. The Adminitration faces something of a crisis, paper money inflationists having begun a drive to pass the Soldiers’ Bonus Bill. A great campaign is being organised behind tho scenes, with indications that the House of Representatives is likely to pass the measure. President Roosevelt called Mr Morgenthau and Mr Hines (Administrator in Veterans’ Affairs) into an emergency conference, apparently to work out a plan to prevent over-riding his veto or formulate a substitute pleasure*
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Evening Star, Issue 22026, 11 May 1935, Page 15
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146BANKING IN AMERICA Evening Star, Issue 22026, 11 May 1935, Page 15
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