for a few years, there had been growing desire for changes to be made to the federal reserve act. in 1934 jacob viner, was an assistant to the treasury secretary henry morgenthau, jr. viner chaired a committee tasked with determining what changes were needed to update the federal reserve act. marriner stoddard eccles became the governor of the federal reserve board on november 15, 1934. he immediately dismissed the token reforms put forth by viner and the committee. eccles insisted that the two main goals of the new legislation were to "control speculation" and to "promote the stability of employment and business". to make this happen, eccles also wanted the federal reserve to become the central bank with concentrated power.