The Region

Legislation, Legislative Proposals and Court Decisions

Published August 1, 1988  |  August 1988 issue

1900-1919

Gold standard adopted by U.S./1900
Federal Reserve Act signed Dec. 23, 1913
Reserve Bank Organizing Committee (RBOC) begins work/1914
RBOC selects sites for 12 Federal Reserve Banks, including Minneapolis/April 2, 1914

1920s

Amendment to Federal Reserve Act adds eighth member to Federal Reserve Board to represent agriculture/1922
U.S. Supreme Court decides against Fed coercive program on
par check payment/1923
MacFadden Act prohibits interstate banking and extends Federal Reserve Banks' charters indefinitely/1927

1930s

Glass-Steagall Act separates commercial and investment banking and permits use of U.S. government securities as collateral for Federal Reserve Notes/1932
Securities Exchange Act provides for minimum margins on purchases of securities on credit; regulated by Fed/1934
Reconstruction Finance Corporation permits Federal Reserve to issue loans directly to businesses/1933
Banking Act of 1933/Establishes FDIC; places control of open market operations under the Fed
Banking Act of 1935/Creates Federal Open Market Committee; Federal Reserve Board becomes Board of Governors, membership on the Board reestablished and terms set at 14 years

1940s

Employment Act of 1946/Establishes goals for national economic policy, including monetary policy

1950s

Bank Holding Company Act of 1956/Names Fed as regulator of companies owning two or more banks

1960s

Truth in Lending Act of 1968/Assigns regulatory role in interest rate advertising to Fed (Regulation Z)
Par clearance statutes passed by various states eliminate nonpar check payment in 9th district/1968-1970
Financial Institutions Supervisory Act of 1966/Strengthens powers of bank supervisors

1970s

1970 amendments to Bank Holding Company Act of 1956 extend Fed regulation to one-bank holding companies
Explosion of consumer credit legislation in mid '70s (about 13 various Acts); creation of Fed Consumer Affairs Division
Full Employment and Balanced Growth Act of 1978 (Humphrey-Hawkins Act)/Requires Fed to report to Congress twice a year on monetary policy objectives
International Banking Act of 1978/Puts foreign and domestic banks on equal footing
Financial Institutions Regulatory Interest Rates Control Act of 1978/ Substantially increases regulation of insider trading and changes some Regulation Q ceilings

1980s

Depository Institutions Deregulatory and Monetary Control Act of 1980/ Requires Fed to price its financial services available to all depository institutions, and establishes reserve requirements for all eligible financial institutions
Depository Institutions Act (Garn-St Germain) of 1982/Deregulates some activities of banks and nonbank banks while prohibiting insurance activities of banks
Competitive Equality Banking Act and Expedited Funds Availability Act of 1987/Redefines nonbank banks and expands some bank powers; establishes float rules for checks

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