O N FEBRUARY 5, I935, Representative Henry B. Steagall, chairman of the Banking and Currency Committee of the House, introduced the banking bill of 1935 in the House (H.R. 5357), and on February 6, Senator Duncan U. Fletcher, chairman of the Banking and Currency Committee of the Senate, introduced the same bill in the Senate (S. I7I5). In a letter from President Roosevelt, which was incorporated in the Senate hearings on the banking act of I935, the source of this original bill was made clear. In this letter President Roosevelt indicated he had asked that a tentative draft of the desired legislation be drawn up by Mr. Leo T. Crowley, chairman of the Federal Deposit Insurance Corporation, Mr. Marriner S. Eccles, governor of the Federal Reserve Board, and Mr. J. F. T. O'Connor, controller of the currency. It was thus clearly an administrative measure, and as such it has been regarded. The original draft was popularly called the Eccles Bill. Rightly, however, this name should have been applied only to Title II of the original draft of the bill. The House committee held hearings on the bill for twenty-five days during February, March, and April. In a slightly modified form, but with the essential features still intact, the bill passed the House in May with a good majority and a great deal of enthusiasm. In the Senate its progress was far from smooth. Here the new bill, which would change the whole theory and monetary philosophy of the Federal Reserve Act, met its jealous father and zealous guardian, Senator Carter Glass. In a small subcommittee, hearings on the bill were held from April I9 to June 3, I935. On July