Our people have a right to a banking system in which their deposits shall
be safeguarded and the flow of credit less subject to storms. The need of a
sounder system is plainly shown by the extent of bank failures. I recommend
the prompt improvement of the banking laws. Changed financial conditions
and commercial practices must be met. The Congress should investigate the
need for separation between different kinds of banking; an enlargement of
branch banking under proper restrictions; and the methods by which enlarged
membership in the Federal reserve system may be brought about.