The Banking Act of ______ removed the Secretary of the Treasury and the Comptroller of the Currency from the Federal Reserve's governing board.

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26-04-2022
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The Banking Act of ______ removed the Secretary of the Treasury and the Comptroller of the Currency from the Federal Reserve's governing board.

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deebikamadhivanan deebikamadhivanan · Answer 1 · 2022-05-05T19:19:49+02:00

The Banking Act of 1935 removed the Secretary of the Treasury and the Comptroller of the Currency from the governing board of the Federal Reserve.

What effect did the Banking Act of 1935 have?

The Banking Act of 1935 mandated additional changes to the Federal structure, including the establishment of the Federal Open Market Committee (FOMC) as a separate legal entity, the removal of the Treasury Secretary and the Comptroller of the Currency from the Fed's governing board, and the extension of members' terms to 14 years.

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