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11 - 1 Agricultural and other interests in the United...

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1) Agricultural and other interests in the United States were quite suspicious of centralized power and thus opposed the creation of a central bank. 3. During the Great Depression there were many bank failures, and at the time deposits were not insured so many bank customers lost their deposits. One of the provisions of the Act was to create the FDIC, which guaranteed deposits up to a certain amount if the bank fails. A second provision of the Act was to separate investment banking functions from commercial banking. This was as a response to the view that investment banking activities created too much risk, and was responsible for many of the bank failures that occurred. 6) New technologies such as electronic banking facilities are frequently shared by several banks, so these facilities are not classified as branches. Thus they can be used by banks to escape limitations on offering services in other states and, in effect, to escape limitations from restrictions on branching
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