BANK REFORM
THE AMERICAN BILL SENATE'S ACTION AWAITED (United Press Association.) (By Electric Telegraph—Copyright.) WASHINGTON, May 9. (Received May 10, at 10 p.m.) The House, by 271 to 110, passed the 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 deposits, and directs the board to use its powers to promote business stability. The Administration 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 the 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 measure.
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Otago Daily Times, Issue 22568, 11 May 1935, Page 13
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150BANK REFORM Otago Daily Times, Issue 22568, 11 May 1935, Page 13
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