Abstract

Finance
Boxes, William Justus | March 8, 1919 issue

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American Bankers' Association is advocating the entrance of the savings banks into the U.S. Federal Reserve System in 1919. The proposal is to amend the Federal Reserve Act so as to admit the savings banks to membership and place them in a position where the highly valuable rediscount privilege, available for member banks, may be accorded them. Should the state laws be amended and if the U.S. Congress acts favorably upon the proposal to admit the savings banks to the Federal Reserve Bank System, the savings banks would provide a broad market for bankers and trade acceptances. Another advantage would be the protection afforded the savings-banks against runs and the minor disturbances incident to a period of industrial unrest or depression.

See Also:

SAVINGS banks; BANKS & banking; BOARD of Governors of the Federal Reserve System (U.S.); BANKERS; FINANCE; UNITED States
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