Show THE BANKING ACT OF just jus before congress adjourned last june it passed by nearly unanimous vote the banking act ot of 1933 known as the glass bill this bill oas approved by the senate by bv unanimous vote ote and it received the approval of the house hr w ot all hi bi ix th ake banking act of 1933 gives the people of the united states the protection promised by the president last march it provides f for or insurance of the bank deposits and places proper safeguards and supervision er on banking the regulations included in the banking act ere re pro aided to make banking safe fe among these regulations are restrictions upon payments of interest on an deposits A safe bank must be operated ath aith safety and show a profit for this reason the new banking law has provided that no member bank of the federal re rie system shall directly ur indirectly pay any interest on any deposit billich Is payable on demand and the law also provides that the rne federal deral reserve board shall limit by regulation the rate fate of int rest which ray may be paid by r banks on time deposits the aed rp dal ill resme reserve board arv arpi griat no member abru pay interest accruing october 31 1933 on any time deposit or any savings account at a rat in excess of three per cent pey per annum compounded deml an dually |