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The Banking Crisis (RLE Banking & Finance) by Jules Bogen, Marcus Nadler

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CHAPTER X.—THE “NEW DEAL”

THE ROOSEVELT PROGRAM

FOLLOWING the reopening of the banks at the end of the Holiday, the Administration turned its attention to the correction of the basic economic difficulties which had caused the banking structure of the country to collapse. Banking legislation proper played a secondary role in this program, although the Glass-Steagall Act as finally passed on June 16, 1933, contained a revolutionary deposit guarantee scheme which will be taken up later in this chapter.

The program for a managed recovery, designed to end the savage deflation of the three preceding years and thus permit the permanent rehabilitation of the business and financial structure of the country, included three chief elements:

1. Establishment ...

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