/biz/ - Business & Finance

>>57143633
Thank you for being so forthcoming. Interesting you were able to buy an existing corp. I've been looking into this idea as well; but then I figure why not just bootstrap it myself. I only have 2 companies; both with less than 50k revenue. However, I am living in these businesses, but they are back burner businesses; existing with no maintenance required. That is why smelting/minting seems to good to be true as a business model, but I am in the U.S south where the market is pretty strong.

>the 1933 Banking Act thus fulfilled Congressional designs and, at least in its deposit insurance provisions, was resisted by the Franklin Delano Roosevelt Administration, it later became considered part of the New Deal.[5]

>The 1933 Banking Act established (1) the Federal Deposit Insurance Corporation (FDIC); (2) temporary FDIC deposit insurance limited to $2,500 per accountholder starting January 1934 through June 30, 1934; and (3) permanent FDIC deposit insurance starting July 1, 1934, fully insuring $5,000 per accountholder. 1934 legislation delayed the effectiveness of the permanent insurance system. The Banking Act of 1935 repealed the permanent system and replaced it with a system that fully insured balances up to $5,000 and provided no insurance for balances above that amount.[10] Over the years, the limit has been raised which reached up to its current limit of $250,000.

>The 1933 Banking Act required all FDIC-insured banks to be, or to apply to become, members of the Federal Reserve System by July 1, 1934. The Banking Act of 1935 extended that deadline to July 1, 1936. State banks were not eligible to be members of the Federal Reserve System until they became stockholders of the FDIC, and thereby became an insured institution.[11] 1939 legislation repealed the requirement that FDIC-insured banks join the Federal Reserve System

>Before 1950, the laws establishing the FDIC and FDIC insurance were part of the Federal Reserve Act. 1950 legislation created the Federal Deposit Insurance Act (FDIA).[13]

>The 1933 Banking Act's separation of investment and commercial banking is described in the article on the Glass–Steagall Act. Institutions were given one year to decide whether they wanted to specialize in commercial or investment banking

>the Banking Act of 1933 outlawed the payment of interest on checking accounts and also placed ceilings on the amount of interest that could be paid on other deposits.