Banking Act of 1935

The Banking Act of 1935, passed by the United States Congress on August 19, 1935, and signed into law by president Roosevelt on August 23, is a U.S. federal law that changed the structure and power distribution in the Federal Reserve System that began with the Banking Act of 1933. The Act contained three titles.

The law created the modern structure of the Federal Reserve and placed monetary-policy decisions beyond Presidential control.

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