"To Establish a More Effective Supervision of Banking": How the Birth of the Fed Altered Bank Supervision

"To Establish a More Effective Supervision of Banking": How the Birth of the Fed Altered Bank Supervision

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"To Establish a More Effective Supervision of Banking": How the Birth of the Fed Altered Bank Supervision

lthough bank supervision under the National Banking System exercised a light hand and panics were frequent, depositor losses were minimal. Double liability induced shareholders to carefully monitor bank managers and voluntarily liquidate banks early if they appeared to be in trouble.

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