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Extra info for Banking and Financial Institutions Law in a Nutshell (7th Edition)
9 million, and reorganized the Bank as a Pennsylvania state chartered bank. S. What could have become a strong institution, like the Bank of England, died in its youth. True central banking in the United States came much later. The Federal Reserve System, created in 1913, only gradually assumed greater powers with New Deal reforms (1933-35), and did not assume much independence until the Accord with Treasury in 1951. An important political lesson is illustrated, too. Central bank leaders and the Federal Reserve System must coordinate their activities, within reason, to the political realities and moods of their time.
New law prohibited the payment of interest on demand deposits, to help limit "destructive competition" among banks. And most importantly, the Federal Deposit Insurance Corporation was created to insure all accounts up to $2,500 (later $10,000) for virtually all banks. The FDIC was financed by modest insurance premiums imposed on insured Sec. S. 17 banks, and armed with auditing, examination and receivership authority, along with other corrective powers to deal with troubled banks. Meanwhile, new federal securities legislation imposed major responsibilities for disclosure of financial information with respect to publicly owned corporations; and investment banking (or the underwriting of stock and bond issues) was legally separated from commercial banking.
Then a new Bank president, Langdon Cheves (1819-23), tightened up on lending practices, curtailed the note issue, collected state banknotes promptly, and floated a $2 million specie loan in Europe. These measures were not popular in agrarian states, but achieved the basic goals intended. Banknote issue for the country was tightened up, and made much more reliable. The next Bank president, Nicholas Biddle (182336), had more ambitious objectives. S. expanded its branch network aggressively, and allowed the branches to issue their own notes in the form of "branch drafts", even though Congress refused to grant branch note issue authority.