Which prime Minister established the Bank of Canada?

1 ANSWERS

1. Guest5200
   

   Richard Bedford Bennett was a Canadian lawyer, businessman, politician, and philanthropist. He served as the eleventh Prime Minister of Canada from August 7, 1930 to October 23, 1935, during the worst of the Great Depression years.
   Prime Minister R.B. Bennett called a Royal Commission in 1933 and it reported in favour of a central bank. The bank began operations on March 11, 1935, after the passage of the Bank of Canada Act. Initially the bank was founded as a privately owned corporation in order to ensure it was free from political influence.In 1938, under Prime Minister William Lyon Mackenzie King, it became a Crown corporation, fully owned by the government with the governor appointed by Cabinet. The responsibility for creating small bills was transferred from the finance department and the private banks were ordered to remove their currency from circulation by 1949.

   Report (0) (0)  |   12 years, 7 month(s) ago