What was the role of the US government in the banking industry at beginning of the Depression?
1 Answer
May 7, 2017
The federal reserve issued the money supply and based the dollar on the gold standard.
Explanation:
In 1929 the banking industry was not controlled by the federal government, it was controlled by the federal reserve which is privately owned.
Nevertheless reforms were brought, for instance the gold standard was abolished and the separation between commercial banks and investment banks was enforced by the Glass-Steagall Act.
