Dale County AlArchives News.....Cong. Steagall Praised For Banking Act 1933
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Southern Star
 Cong. Steagall Praised  For  Banking Act
(Reprint from The Southern Star, Wednesday, June 21, 1933):

  While the new Glass-Steagall banking act which became law this week was under 
consideration, public attention centered largely upon the feature guaranteeing 
bank deposits, but this law reflecting 10 years of work by Congressman Henry B. 
Steagall, of the third Alabama district, is much greater than that. President 
Roosevelt, before signing, called it "the best piece of banking legislation 
since the reserve board act." An Associated Press dispatch says it is "possibly 
the greatest piece of permanent legislation enacted by any recent congress."
  In the years to come this act will have far greater influence	upon the 
nation's business and finance than any of the epochal measures now being 
enacted to combat the economic emergency. The bank act, while meeting many 
emergency problems,is no mere emergency measure.It is the result of years of 
labor on the part of Congressman Steagall and his colleagues in
house and senate. It places the nation's banking upon a sounder basis than it 
has ever before been, and its sponsors contend it will make impossible any 
such, collapse of banks as has occurred during the present depression. Mr. 
Steagall himself told Congress that it would "restore honesty to all banking" 
and make certain that depositors' money is used for the benefit of depositors.
  Guaranteeing the safety of deposits is only one of the important things the 
new law does.Private banks cannot continue to sell securities and engage in 
commercial banking at the same time. Ultimately all banks must go into the 
federal reserve system. The federal reserve can now stop the use of bank 
deposits for Wall Street gambling. Private bankers cannot be on the boards of 
commercial banks. Banks cannot pay interest on checking accounts.
  These are only a few of the more important features of a bill which was 
passed only as a result of the herculean efforts of the Alabama congressman who 
had steadily climbed to the position of chairman of the house committee on 
banking.
  The appreciation of his colleagues was shown this week when they rose enmasse 
to cheer Mr. Steagall when the house overwhelmingly accepted the final 
conference report on the measure.
  Alabama too, appreciates Henry B. Steagall, and the loyalty shown to him by 
the voters of the third district in past years is responsible for enabling him 
to advance to his position as head of the banking committee. He stands forth as 
one of the really great fiqures in an area of great and momentous events

  From Southern Star Oct. 15, 1970

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