It was meant to help stimulate economic activity, provide liquidity to banks, and create a central bank to control and regulate interest prices.
The resulting panic and anxiety triggered a flurry of legislation that would influence all aspects of banking including savings bonds, commercial paper, and Treasury bonds.
While the invoice enjoyed initial success, it faced severe criticism from bankers and other officials, who thought the bill would create instability in global banks.
The outcome was, of course, the establishment of the Federal Reserve Bank.
When the Savings Bond Study Committee was released, directed by former Treasury secretary James Longley, it was widely seen as an effort by the S BB to possess the FRSB become more closely aligned with the Federal Reserve SBB Research Group.
Today, the FRSB and the S BB are members of the National Association of Insurance Commissioners (NACH).