FEDERAL RESERVE BANK
OF NEW YORK
{Circular No. 1248 "1
June 22. 1933 J
BANKING ACT OF 1933
To all Member Banks in the
Second Federal Reserve District:
For your information we enclose a copy of the Banking Act of
1933, approved June 16, 1933, commonly known as the Glass Act.
We enclose also a copy of a summary of the principal provisions of that act. This is intended merely as a summary of the law and not as an interpretation thereof or commentary thereon.
George L. Harrison,
Governor.
[Public -- No. 66 -- 73d Congress]
AN ACT
To provide for the safer and more effective use of the assets of banks, to regulate interbank control, to prevent the undue diversion of funds into speculative operations, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled* That the short title of this Act shall be the " Banking Act of 1933."
Sec. 2. As used in this Act and in any provision of law amended by this Act --
(a) The terms " banks ", " national bank ", " national banking association ", " member bank ", " board ", " district ", and " reserve bank " shall have the meanings assigned to them in section 1 of the
Federal Reserve Act, as amended.
(b) Except where otherwise specifically provided, the term " affiliate
" shall include any corporation, business trust, association, or other similar organizatio…