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Lesson 6--Fed History

Lesson 6--Fed History - Lesson 6 Fed History(Depression to...

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Lesson 6 Fed History (Depression to Modern Fed) Closed for the Holiday (The Bank Holiday of 1933) http://www.bos.frb.org/about/pubs/closed.pdf Marriner Stoddard Eccles and Banking Act of 1935 Federal Reserve Bank of Minneapolis http://www.minneapolisfed.org/publications_paper/pub_display.cfm?id=3562 Romer Roundtable: An Imperfect Parallel, Raymond Stone, The Economist, (June 19, 2009) http://www.economist.com/blogs/freeexchange/2009/06/romer_roundtable_an_imperfect Treasury-Federal Reserve Accord 1951 http://www.richmondfed.org/publications/research/special_reports/treasury_fed_accord/background/
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Between 1930 and 1933 40% of the Banks in the US Closed
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FDR Calls for a Bank Holiday March 6, 1933
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Plan for Reopening Banks
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Reopening of Banks
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Deposit Insurance--FDIC
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Bank Holiday, A Turning Point
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Eccles, FDR, the New Deal and a Restructured Federal Reserve Dr. Rexford G. Tugwell, one of Roosevelt's closest advisors, invited Eccles to Washington for a number of conferences. While there he testified before the Senate Finance Committee, advocating many of the measures that would become cornerstones of the New Deal. While traditional economics stressed a hands-off, open market approach from government and balanced budgets, Eccles proposed public works to relieve unemployment and direct relief measures, as well as a minimum wage, unemployment insurance, and old age pensions.
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A.P. Giannini Amadeo Peter Giannini opened the Bank of Italy in a former San Francisco, California saloon on 17 October 1904. Deposits on that first day totaled $8,780. An early difficulty to overcome was the San Francisco earthquake of 1906. Giannini was forced to run his bank from a plank across two barrels in the street for a time. By 1916 Giannini had expanded and opened several other branches. It became the Bank of America in 1928 and continued under Giannini's chairmanship until his retirement in 1945. Giannini was one of the first bankers to offer banking services to middle-class Americans, rather than simply the upper class.
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In 1928 Giannini’s Bank of Italy became the Bank of America Giannini representing the banking industry outside of NYC was a strong advocate of the New Deal. He was a supporter of a Federal Reserve System that provided a better balance between the interest of NYC banks and the rest of the country He supported Marriner Eccles and the Banking Act of 1935, which reorganized the Federal Reserve
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Marriner Eccles and the Banking Act of 1935 http://richmondfed.org/publications/research/special_reports/treasury_fed_accord/bios/eccles.cfm
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