It doesn't remain locked away in the bank vault – instead, the money you deposit into a savings account is used by the bank to make loans to other people and businesses in your community so that they have the money to pay for big expenses like houses and cars, or even to operate a business..
Following are the safe ways of Banking.
Never introduce an unknown person to a banker for the purpose of opening a new account.
Never collect third party cheques / drafts through your account.
Do not keep your account in-operative for a long time..
The Banking Act of 1935 gave the Board of Governors control over other tools of monetary policy.
The act authorized the Board to set reserve requirements and interest rates for deposits at member banks.
The act also provided the Board with additional authority over discount rates in each Federal Reserve district..
A temporary fund became effective in January 1934, insuring deposits up to $2,500.
The fund became permanent in July 1934 and the limit was raised to $5,000.
This limit was raised numerous times over the years until reaching the current $250,000..
The 1933 Banking Act established (1) the Federal Deposit Insurance Corporation (FDIC); (2) temporary FDIC deposit insurance limited to $2,500 per accountholder starting January 1934 through June 30, 1934; and (3) permanent FDIC deposit insurance starting July 1, 1934, fully insuring $5,000 per accountholder..
The bill was designed “to provide for the safer and more effective use of the assets of banks, to regulate interbank control, to prevent the undue diversion of funds into speculative operations, and for other purposes.” The measure was sponsored by Sen.
Carter Glass (D-VA) and Rep.
Henry Steagall (D-AL)..
The OCC charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks.
The OCC is an independent bureau of the U.S.
Department of the Treasury..
June 16, 1933.
The Glass-Steagall Act effectively separated commercial banking from investment banking and created the Federal Deposit Insurance Corporation, among other things.
It was one of the most widely debated legislative initiatives before being signed into law by President Franklin D.
Roosevelt in June 1933..
Based on the presentation, it seems Jeff Brown is referring to the Banking for All Act, a bill that centers around digital dollars and digital dollar wallets
The way Jeff Brown described it in the presentation, you’d think there was a “secret plan” in the works and that he somehow got access to the original copy of the plan before it was altered
The bill was not enacted into law
MrBrown introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs To require member banks to maintain pass-through digital dollar wallets for certain persons, and for other purposes
1This Act may be cited as the Banking for All Act
2To require member banks to maintain pass-through digital dollar wallets for certain persons, and for other purposes
To require member banks to maintain pass-through digital dollar wallets for certain persons, and for other purposes
SECTION 1 SHORT TITLEThis Act may be cited as the ‘‘Banking for All Act’’
SEC 2 DEFINITIONSThe Bank Act also includes ,restrictions on undertaking fiduciary activities, guarantees of payment or repayment, dealing in securities, engaging in the insurance business, undertaking personal property leasing activities, and entering into partnerships
