Heedless of its responsibilities as an emergency lender, it had allowed the banking system to collapse. When financial stability hung in the balance in 1933, the Reserve Banks' failure to cooperate prevented effective action.
这些改革反映了一个压倒性共识，即美联储在履行职责方面令人十分不满。它没有在大萧条初期阻止货币供给减少。它没有注重其紧急贷款人的责任，放任银行体系崩溃。当1933年金融稳定摇摇欲坠时，各联储银行又没有进行合作，导致无法采取有效行动。