A..P. Giannini, Marriner Stoddard Eccles, and The
A..P. GIANNINI, MARRINER STODDARD ECCLES, AND THE CHANGING LANDSCAPE OF AMERICAN BANKING Sandra J. Weldin, B.A., M.Ed. Dissertation Prepared for the Degree of DOCTOR OF PHILOSOPHY UNIVERSITY OF NORTH TEXAS May 2000 APPROVED: Ronald E. Marcello, Major Professor and Chair Donald K.Pickens, Co-Chair Francis Bullit Lowry, Minor Professor D.Barry Lumsden, Committee Member E. Dale Odom, Committee Member J.B. Smallwood, Committee Member Richard M. Golden, Chair of the Department of History C. Neal Tate, Dean of the Robert B. Toulouse School of Graduate Studies Weldin, Sandra J., A.P. Giannini, Marriner Stoddard Eccles, and the changing landscape of American banking. Doctor of Philosophy (History), May 2000, 240 pp., references, 71 titles. The Great Depression elucidated the shortcomings of the banking system and its control by Wall Street. The creation of the Federal Reserve System in 1913 was insufficient to correct flaws in the banking system until the Banking Acts of 1933 and 1935. A.P. Giannini, the American-Italian founder of the Bank of America and Mormon Marriner S. Eccles, chairman of Federal Reserve Board (1935-1949), from California and Utah respectively, successfully worked to restrain the power of the eastern banking establishment. The Banking Act of 1935 was the capstone of their cooperation, a bill that placed open market operations in the hands of the Federal Reserve, thus diminishing the power of the New York Reserve. The creation of the Federal Housing Act, as orchestrated by Eccles, became a source of enormous revenue for Giannini. Giannini’s wide use of branch banking and mass advertising was his contribution to American banking.
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