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CONFIDEt\iTIAL c OUTLINE OF TESTIMONY OF BOARD'S STAFF I. Evolution of present banking system (Hammond) A. Commercial banks 1. Early banking a. First bank of United 'States b. Second bank of United States 2. State banks 3. National banking system 4. Revival of State banking system 5. Federal Reserve System 6. Federal Deposit Insurance Corporation 7. Bank suspensions (Folsom) B. Structure of present commercial banking system 1. National banks 2. Member State banks 3. Nonmomber insured banks 4. Noninsured banks (Folsom) C. Others operating in the field of banking in one or more of its phases, their development, the source of their funds, and the scope of their operations 1. Private bankers Bt Security brokers ?. State chartered a. Mutual savings banks b. Building and loan associations c. Morris Plan banks d. Trust companies e. Fi nan c e c ompan i e s f. Others 4. Federally chartered a. Savings and loan associations b. Credit unions 5. Wholly or partly governmentally operated a. Postal savings b. Farm Credit System c. Home Loan Bank System d. R. F. C. e. Others II. Chronological development of Federal banking laws and comparison of certain Federal with State laws (Wyatt) c A. Chronological development of Federal banking laws 1. N:\tional Banking Act 2. Amendments and additional legislation prior to enactment of Federal Reserve A.ct 3« Federal Reserve Act -2- c (Wingfield)B. 4. Amendments to National Banking Act and Federal Reserve Act prior to Banking Act of 1933 5. Banking Act of 1933 6. Banking Act of 1935 7. Subsequent amendments Comparison of certain Federal with State laws 1, Chartering and capital requirements 2, Purchase of investment securities and stocks 3, Limitations on loans to one borrower 4, Establishment of branches 5, Exchange charges on checks 6, Reserve requirements 7, Interlocking directorates 8, Affiliates and holding company affiliates 9, Removal of officers and directors 10. Loans to executive officers 11. Payment of interest on deposits 12. Loans on real estate 13. Interlocking relations with securities companies 14. Number of and relations with directors 15. Other laws (Cagle) III. Branch, chain, and group bonking IV. Place of commercial banking system in national economy. Reasons for; services performed (Goldonweiser)A. (GoldGnwoisor)B. (Goldonweiser)C. ^Goldenweisor)D. (Thomas)E. Credit supplied by commercial banking system 1. Resourcos and changes in character thereof over period of years and reasons therefor Deposits of commercial banking system 1. Volume and type of deposits over period of years (Demand and time) 2. Increase in savings deposits 3. Interbank deposits 4. Interest on deposits Other functions performed by banks 1. Exorcise of trust powers a. State banks b. National banks 2. Other incidental functions (safe deposit, etc,) Bank earnings Money system 1. Monoy supply and relative magnitude of its elements: check money and currency monoy. Factors determining tho demand for currency. c -3- 2. (Vest) (Parry) V # F. Importance and limitations of money as a part of the economic mechanism* Significance of: (a) availability, (b) cost, (c) volume, and (d) turnover of money. 3, Technical description, statistics, and charts of the issue and redemption of different kinds of currency. Par clearance and the check collection system Structure of Federal Reserve System A, B# C, D, Board of Governors Federal Open Market Committee Federal Advisory Council Federal Reserve banks (Smead) VI, Operations of Federal Reserve Banks A, B, C, D• E• F. G. H. I, c VII. Clearance and collection system Currency distributions Loans and discounts Inve stment s Examinati ons Member bank relations Fiscal Agent depositary and custodian functions Regulatory and other functions Earnings and expenses Supervision of banking system - (Leonard) A» (Paulger) B« Historical and logical reasons for bank supervision Commercial banking system 1« State banks a. Member banks b. Nonmember insured banks c # Noninsurcd banks 2. National banks 3. Federal supervisory structure a. Comptroller of the Currency b» Federal Reserve System c. F. D. I. C. d. R. F. C, e. Other agencies exorcising supervisory authority (1) Treasury (2) S. E. C. (3) Others 4. Supervisory structuros of States (Paulgor) C, Supervision of other institutions -which operate in banking field -4- c (Currie) (Gardner) VIII. Traditional and present day functions and purposes of central banking technique IX. Authority outside of Fedoral Reserve System use of •which directly affects bank reserves A, Authority of Treasury with respect to !• Stabilization fund 2. Purchase of silver 3, Purchase of gold 4» Gold sterilization and dcsterilization 5, Troasury balances in commercial and Fedoral Reserve banks 6, Investment of trust funds B. Authority of President with respect to 1, Altering gold content of dollar 2. Issuance of SJ> 3,000, 000,000 of greenbacks (Goldenwoiser) X, A« c Instruments of Federal Reserve policy - Discount rato 1, Operation of discount rato and effect on member banks B, Reserve requirements 1, History of reserve requirements 2, Effect of requirements upon operation of a bank 3, Source of present resorvos C« Open Market operations 1« Effect of open market operations 2 # History of use of this instrument of policy D. Othor instruments of credit control 1. Power to prescribe margin requirements on loans to purchase or carry registered securities 2. Power to suspend right of individual bank, making excessive use of credit for speculative purposes, to borrow from Federal Reserve bank
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