The Banking Acts of 1933 and 1935 (HOM 34-B)

History of Money, Lecture 34, Pt.

B: summary of the two pivotal banking acts of 1933 and 1935 - the former known commonly as the Glass-Steagall Act, signed into law by FDR. The 1933 act separated commercial banking from investment banking, established the FDIC, and created the FOMC at the Federal Reserve; the act of 1935 reorganized the FOMC to transfer power from the New York Fed to the Federal Reserve Board in Washington, D.C.

Lecture concludes with a brief look at the Business Plot: the alleged conspiracy exposed by Major General Smedley Butler.