Marriner Eccles

Roosevelt Recession Begins After Conservative Treasury Secretary Persuades FDR to Cut Spending 17 Percent

1937-05-01 00:00:00 +0000 UTC | Importance: 9/10

The American economy enters a severe recession in May 1937, lasting 13 months through June 1938, after President Franklin D. Roosevelt accepts the advice of his conservative Treasury Secretary Henry Morgenthau Jr. to slash government spending by 17% over two years in an effort to balance the federal …

Franklin D. Roosevelt Henry Morgenthau Jr. Federal Reserve U.S. Treasury Department Harry Hopkins +1 more economic-policy new-deal austerity recession conservative-sabotage

Banking Act of 1935 Restructures Federal Reserve, Reduces Wall Street Influence Over Monetary Policy

1935-08-23 00:00:00 +0000 UTC | Importance: 8/10

President Roosevelt signs the Banking Act of 1935 on August 23, 1935, fundamentally restructuring the Federal Reserve System to centralize monetary policy authority in a reformed Board of Governors in Washington rather than the twelve regional Federal Reserve Banks, which had been dominated by …

Franklin D. Roosevelt Marriner Eccles Carter Glass U.S. Congress Federal Reserve Board +1 more financial-regulation new-deal federal-reserve banking-reform monetary-policy +1 more