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Gale Encyclopedia Of American Law 3Rd Edition Volume 5 P13

Gale Encyclopedia of American Law Volume 5 P13 fully illuminates today's leading cases, major statutes, legal terms and concepts, notable persons involved with the law, important documents and more. Legal issues are fully discussed in easy-to-understand language, including such high-profile topics as the Americans with Disabilities Act, capital punishment, domestic violence, gay and lesbian rights, physician-assisted suicide and thousands more. | 108 GLEANING The main purpose of the Glass- Steagall bill . was to prevent . THE USE OF THE Federal Reserve BANKING FACILITIES for stockgambling purposes. Carter Glass Federal reserve banks to furnish an elastic currency to afford means of rediscounting commercial paper to establish a more effective supervision of banking in the United States and for other purposes. It provided the establishment of up to 12 Federal Reserve banks district banks to develop policy with the seven-member federal reserve board in Washington D.C. This board s title was later changed to the Federal Reserve Board of Governors. Glass s plan also required all nationally chartered banks to be members of the Federal Reserve System and weakened the power of private banks. Although the Federal Reserve System would be criticized for failing to stave off the Great Depression in the 1930s it would be credited with helping control the effects of a 1987 stock plunge. During the years leading up to world war i Glass headed a committee that investigated the act s effectiveness and made amendments as needed. Three test cases in 1923 and 1926 resulted in various changes in the act which continues to be altered as circumstances dictate. Glass was appointed Secretary of the Treasury in late 1918 and worked to develop and promote a new Victory loan under Wilson s administration which was renamed Fifth Liberty Loan because the V looked like the Roman numeral for 5 as World War I drew to a close. These loans were bonds that the U.S. government encouraged Americans to buy to help generate revenue for war debts and for rebuilding war-torn Europe. In February 1920 Glass resigned as secretary and accepted a vacant seat in the U.S. Senate. In early 1920 an election year sentiments against Wilson grew. A movement took hold to select Glass as the Democratic presidential candidate. But Glass a strong supporter and close friend of Wilson s throughout his lifetime did not support the effort. warren g. harding a critic .