Banking+Act+of+1935+(9)

Banking Act of 1935
 * Permanent establishment of FDIC.
 * Strengthened powers of Federal Reserve Board of Governers.
 * The stock of the FDIC was to be purchesed by the Secretary of the Treasury on behalf of the United States
 * Changed the Federal Reserve Act by replacing the Federal Reserve board with a seven-member Board of Governors
 * Allowed Board to set reserve requirements for member banks on savings and time deposits
 * Changed FOMC which became extension of Federal Reserve Board
 * Provides for permanent deposit insurance and maintains it at the $5000 level