New Deal ~ Ch 12
On Tuesday, October 29, 1929, the stock market crashed creating a huge mess and failure of the U.S. Banking system.
Many Americans became poor overnight losing everything!
I, President Hoover, will begin working on a Banking Act to restructure the U.S. Banking System.
In the 1932 election, a new president would take the oath. Franklin Delano Roosevelt would try and take the country out of the Great Depression.
I have finalized the Banking Act of 1935. This act will provide stability by giving power to the Board of Governors who will work with the 12 Federal Reserve Banks!
The Banking Act of 1935 changed power, structure, and function. The Board of Governor in Washington D.C. controlled the 12 Federal Reserve Banks. The Board of Governors now made decisions based on interest rate, monetary policies, and internal capital flow.
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