Bank Crisis and the Movement for Unified Control
Supervision of all banking in the United States was unified by the presidential proclamation of March 6, 1933, when control was assumed for the federal government and all the banks were closed. Unification was only temporary however, for as fast as banks were licensed to reopen they returned to their original jurisdictions. If permanent unification is to be effected, it must be achieved by the more deliberate process of congressional legislation. Legislation to this end is, in effect, recommended in a written opinion by Walter Wyatt, chief counsel of the Federal Reserve Board, holding that Congress has full constitutional power to do away with the state banking systems and compel the establishment of a unified system under ...