Banking Act of 1935

Title I amended section 12B of the 1933 Act with regards to the creation of the Federal Deposit Insurance Corporation (FDIC) and its duties.

The board of directors of the FDIC would include the Comptroller of Currency and two members selected by the President and confirmed by the Senate.

[3] Title III included 46 sections of technical amendments that clarified banking legislation.

Eccles insisted that the two main goals of the new legislation were to "control speculation" and to "promote the stability of employment and business".

To make this happen, Eccles also wanted the Federal Reserve to become the Central Bank with concentrated power.

[7] There was strong public demand for reform, including multiple plans for a federally owned and operated central bank.