The Banking Act of 1933 gave the Federal Reserve System the authority to:

Question

Quizplus · Accepted Answer

The Banking Act of 1933, also known as the Glass-Steagall Act, significantly reformed the banking industry and expanded the powers of the Federal Reserve System. It allowed the Federal Reserve to set reserve requirements for banks, prohibited banks from paying interest on demand deposits, gave the Federal Reserve the authority to regulate interest rates on savings and time deposits, and restricted banks from engaging in certain types of speculative investments, including the purchase of specific securities.

The Banking Act of 1933 Gave the Federal Reserve System