McFadden Act Perpetuates Banking Fragmentation, Prohibits Interstate Branching
President Calvin Coolidge signs the McFadden Act, one of the most contested pieces of banking legislation in U.S. history, which recharters the twelve Federal Reserve District Banks into perpetuity but prohibits interstate branch banking for national banks. Named after Representative Louis Thomas …
Louis Thomas McFadden
Calvin Coolidge
U.S. Congress
Federal Reserve
financial-deregulation
banking
regulatory-capture
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