Chapter 525 (1/2)
First day of junior high school, wish: book friends, everything goes well in the new year, everything goes well, everything goes well and everything goes well. The most important thing is to make a fortune!
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The first draft of the banking law of 1933 has been made, and the separate operation of commercial banks and investment banks has become a foregone conclusion.
Commercial banks are not allowed to engage in the business of ”trading stocks and securities”, nor to underwrite the issuance of any stocks and securities. The affiliated enterprises of commercial banks are forbidden to ”mainly engage in” the business of issuing, listing, underwriting, selling or distributing securities.
Securities companies are forbidden to engage in banking business, basically blocking all possibilities.
In addition, if bank deposits are federally guaranteed and depositors can get compensation from the federal government in case of bank failure, it is possible to eliminate depositors' panic and reduce the probability of a run.
As a result, the Federal Deposit Insurance Corporation (FDIC) came into being to guarantee the bank's savings funds.
Commercial banks, investment banks, trusts and other financial institutions should deposit a certain amount of funds into the Federal Deposit Insurance Corporation (FDIC) before conducting business.
The more private capital financial institutions absorb in the market, including bank savings, the higher the deposit they have to pay.
According to the result of the negotiation, the bill stipulates that all deposits under $5000 will be paid in full, and the excess part will be paid in proportion.
That is to say, if there is another great depression, depositors with deposits of less than $5000 do not need to worry about whether the bank they are saving will fail.
Because no matter how many companies fail, the FDIC will pay in full, no less.
As for the savings of the middle-class and rich class of more than $5000, they can only seek more happiness for themselves. The federal government only needs to ensure the basic livelihood of citizens.
People all over the world are actually the same, but if they have a bite to eat, even if they live a tight life, at least social stability can be guaranteed.
That's what the federal government has to ensure. Even if it's going to happen again, most people will have food to eat. There won't be another great depression.
So far, the number of people who died of hunger and cold in the great depression has exceeded 100000. The specific figures are believed to be counted after the economy improves.
Not to mention the forced livelihood, nearly a million women and girls took to the streets, suffering from diseases, accidental pregnancy, disability and death caused by disputes.
When everything returns to the right track, their suffering has just begun, and the faces lost in front of life and death should be picked up in all kinds of ways.
”In the last two years, the divorce rate and marriage rate are likely to fall.” Li Zitao said without expression.
He has done what he can and should do. He has maintained relief stations all over the country and sent more mobile aid stations from time to time, recruiting unemployed people and donating money.
In these things, he is more serious than anyone else, put in more and do more.
Even Roosevelt, who was so busy in the dark about the unemployment relief program that the federal government wanted to implement, called in person to learn from him.
”I will communicate with the United relief for women's security to help them return to normal life.” Said Mary, lying on the sofa, resting her head on his lap.
Mary knew his mood. He was always like this. He seemed indifferent to everything, but in fact he knew it clearly.
Especially recently, Mary found that he got up quietly several times in the middle of the night, went to the study to read the relevant data, and adjusted the focus of the foundation.
”The unemployment relief fund can be introduced in the second half of the year, and the audit will be very strict. If there are volunteers, they are willing to provide guidance.”
The unemployment relief plan has just been introduced, and the economy is in a mess. Money is needed everywhere. The audit will not be relaxed. Volunteers can help them to avoid wasting their time with the wrong information or filling in the wrong forms.