AMERICAN CONGRESS BILLS
BANKING SYSTEM CHANGES
FEDERAL INDUSTRY CONTROL,
CU’>it«d Tress Association- uy Eleotric Telegraph Copyright.)
WASHINGTON,
June 13
Congress to-day adopted the GlassSteagall Banking Bill, providing for fundamental changes in the national banking system, including insurance deposits by all banks. “There will not be any more banking failures,’’ said Mr. Steagall. The measure will divorce the banks from their security affiliates and sanction branch banking within States whose local laws permit. Congress also approved the Industrial Recovery Bill, which combines a gigantic plan for Federal control of industry, the provision of 3,300,000,000 dollars (about £660,000,000) for public works, and a manufacturers’ sales tax in order to provide the funds necessary for certain aspects of the scheme. President Roosevelt, will be given virtual complete control over the public improvements policy of the Government, and, through a board of five, complete powers of supervision over industrial production, prices, wages and hours of work.
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Hawera Star, Volume LIII, 15 June 1933, Page 5
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152AMERICAN CONGRESS BILLS Hawera Star, Volume LIII, 15 June 1933, Page 5
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