Scope and Purposes of Glass Bank Reform Bill
Two Emergency Acts dealing with banking and credit have been passed by Congress during the current session: the Reconstruction Finance Corporation Act and the Glass-Steagall Act. These measures were designed to alleviate the credit strain inherent in the existing depression and to avert more bank failures; the first through extension of temporary government loans to financial institutions, railroads, and farmers; the second through temporary relaxation of limitations upon loans to member banks by Federal reserve banks and the admission of United States government bonds as security for the issue of Federal reserve notes. A third bill dealing with banking and credit, the Glass bill, is now under consideration by the Senate Committee on Banking and Currency.
In contrast ...