Separate investment banking from commercial banks; tighter national-bank supervision; faster payouts to depositors of closed banks

The severance of affiliated security companies from, and the divorce of the investment banking business from, commercial banks, and further restriction of federal reserve banks in permitting the use of federal reserve facilities for speculative purposes.

We advocate quicker methods of realizing on assets for the relief of depositors of suspended banks, and a more rigid supervision of national banks for the protection of depositors and the prevention of the use of their moneys in speculation to the detriment of local credits.

That admirable document, the platform which you have adopted, is clear. I accept it 100 percent.

Blanket endorsement of every plank.

Fourth -- The events of the past three years prove that the supervision of national banks for the protection of the public has been ineffective. I propose vastly more rigid supervision.

Sixth -- Investment banking is a legitimate business. Commercial banking is another wholly separate and distinct business. Their consolidation and mingling are contrary to public policy. I propose their separation.

Seventh -- Prior to the panic of 1929 the funds of the Federal Reserve System were used practically without check for many speculative enterprises. I propose the restriction of Federal Reserve Banks in accordance with the original plans and earlier practices of the Federal Reserve System under Woodrow Wilson.

Glass-Steagall divorced commercial from investment banking.

In June 1933, he signed the Glass-Steagall Act, which created the Federal Deposit Insurance Corporation, guaranteeing the savings of average citizens, and prevented commercial banks from engaging in investment banking, which they had been carrying on in scandalous fashion.