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What two things did the Aldrich-Vreeland Act form? Explain.
National Currency Associations
A group of 10 or more banks certified to be in "sound financial condition" could make emergency loans to banks experiencing runs or shortages. These loans would be backed up against assets in the borrowing bank's portfolio.
National Monetary Commission
Commission to study the banking system and make recommendations. It made these recommendations:
1. Create a central bank to hold bank reserves and act as lender of last resort
2. The Central bank should serve as fiscal agent for federal gov.
A group of 10 or more banks certified to be in "sound financial condition" could make emergency loans to banks experiencing runs or shortages. These loans would be backed up against assets in the borrowing bank's portfolio.
National Monetary Commission
Commission to study the banking system and make recommendations. It made these recommendations:
1. Create a central bank to hold bank reserves and act as lender of last resort
2. The Central bank should serve as fiscal agent for federal gov.
Karteninfo:
Autor: savhighsmith
Oberthema: Economics
Thema: History of Economics
Schule / Uni: UGA
Ort: Athens
Veröffentlicht: 12.10.2010