The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
OBJECTIONS TO THE BANKING BILL OF 1935 I. Bill embodies new and untried and unsound theory Theory is monetary control by public body in public interest Breakdown of automatic gold standard - hence need of control Possibility of good control lessened by poor administrative organization of system II. Destroys regional autonomy of Federal Reserve banks Monetary control must be national not regional Reserve banks don't invest member bank funds they create and destroy money Increased automomy in regional matters Bill aims at proper division of powers III. Political domination No change in relation of Federal Reserve Board to Administration Bill aims at increased independence of Federal Reserve Board 1« Pensions 2. Salaries Qualifications Objective 5# Increased authority and responsibility 6. Enhanced prestige Fine record of independence in past Not to finance deficit I: IV. Deterioration of quality of bank assets Eligibility Real estate V. No emergency; need for further study
@FedFRASER