BANKING SYSTEM
AMERICAN REFORMS URGED. (United Press Association—By Electric Telegraph—Copyright.) Received November 30, 1.40 p.m. WASHINGTON, Nov. 29. Before the Stock Market investigating committee to-day, Mr Aldrich, the head of the Chase Bank, recommended legislation for fundamental reforms of American banking. He blamed the Federal Reserve Bank policies during the Harding and Coolidge Administrations as being “very largely responsible” for the collapse of the banking structure. Mr Aldrich proposed that the GlassSteagall Bill be strengthened by amendments and additions and the more complete separation of commercial and investment banking. The proposals were made following revelations that the promoters of the Detroit (Canada) Tunnel Company received stock worth 5,492,000.d011ars as a bonus, one recipient being Mr Cornstock, Governor of Michigan.
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Bibliographic details
Manawatu Standard, Volume LIII, Issue 313, 1 December 1933, Page 2
Word Count
119BANKING SYSTEM Manawatu Standard, Volume LIII, Issue 313, 1 December 1933, Page 2
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