The McFadden Act of 1927
Good Morning.
Once again we dive into another exercise in voting on critical legislation from the 20th century. This time taking a long look at the *McFadden Act of 1927*. Specifically one important clause, the recharter of the Federal Reserves in perpetuity. There are other sections to this legislation, but this one sticks out to libertarian minded folk as a disappointment from their folk hero, Calvin Coolidge.
Some of the other sections in the bill include:
Competitive Equality: Permitting federally chartered National banks to operate in cities, where state run banks already had that right.
Interstate Ban: Explicitly prohibited national and state banks from setting up branches across state lines
Expanded power: Allowed National banks to better manage real estate loans and personal lending limits.
Now, full disclosure I'm not great at macro economics so some of the things in this bill confuse me.
For this exercise, pretend you are President Coolidge. Are you going to sign the bill into law, or veto the bill?