Summary
The provisions of the act were as follows:
Title I Section 1. To affirm any orders or regulations the President or Secretary of the Treasury had given since March 4, 1933.Section 2. To give the President the ability to declare a national emergency and have absolute control over the national finances and foreign exchange of the United States in the event of such an emergency.
Section 3. To authorize the Secretary of the Treasury to order any individual or organization in the United States to deliver any gold that they possess or have custody of to the Treasury in return for "any other form of coin or currency coined or issued under the laws of the United States".
Section 4. To make it illegal for a bank to do business during a national emergency (per section 2) without the approval of the President.Title II.
To enable the Comptroller of the Currency (a post in the US Treasury) to take complete control of and operate any bank in the United States or its territories and to establish the terms and conditions under which bank is administered.Title III.
To allow banks to not allow debt to extinguish the use of stock.Title IV.
Section 401. To allow Federal Reserve banks to convert any US debt obligation (such as a bond) into cash at par value and any check, draft, banker acceptance, etc, into cash at 90% of its apparent value.Section 402. To allow the Federal Reserve banks to make unsecured loans to any member bank at an interest rate of 1% over the prevailing discount rate.
Section 403. To allow Federal Reserve banks to make loans to anyone for up to 90 days if the loan is secured by a general obligation of the United States (such as a Treasury bond, for example).Title V
Section 501. Appropriation of $2,000,000 to the President for carrying out this legislation. Section 502. (a severability clause)Read more about this topic: Emergency Banking Act
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