The result was the Banking Act of 1933, which expanded the Fed’s powers to discount and purchase notes, drafts, and bills, thereby ensuring that retail banks would have the liquidity required to meet depositors’ needs. The Banking Act – and the experience that prompted it – made clear that the Fed had an obligation to use those powers.
结果是1930、1931和1933年发生一连串逐步升级的金融危机，其中第三次危机把整个美国金融系统都拉下了水。显然，这绝不是管理当时已是世界第一大经济体的美国的办法。于是产生了1933年银行法，该法将美联储的权力扩大到贴现和购买票据、汇票和本票，从而保证零售银行能获得流动性满足存款人的需要。该银行法——以及导致该法设立的经验——明确规定，美联储有使用这些权力的义务。