SPEEDILY PASSED

Rotorua Morning Post, Volume 2, Issue 478, 11 March 1933, Page 5

SPEEDILY PASSED

(Presa. _lssn.-

LEGISLATION CONFIRMS MR. ROOSEVELT'S MEASURES YERY WIDE PKOVISIONS

-By Telegraph — Copyright).

» Rec. March 10. Washington, March 9. The House of Representatives has passed the Banking Bill. The bill embod'ies P-resident Roosevelt's programme for tbe controlled expansion of currency, and the resumption of normal banking under his regulation. The House declared that it would ratify executive orders issued by the President, and continue his authority over the banking situation. The bill provides for the concentration of the United States gold supply into the Federal Reserve Banks, penalises hoardings, provides for the controlled expansion of currency and authorises reorganisations under careful safeguards, and, for a period, the segregation of new deposits in banks of a certain class, the new deposits so segregated to be subject to withdrawals as the Comptroller may permit. The Bill would permit the banks to get circulating notes from the Federal Reserve System in return for United States obligations, notes, drafts, bills of exchange and bankers' acceptances. Notes would be given the banks to the full value of the United States obligations and 90 per cent. of the sound value of notes, drafts, bills of exchange and bankers' acceptances.