Henry Bascom Steagall

Photo added by Bill McKern

Henry Bascom Steagall

Birth
Clopton, Dale County, Alabama, USA
Death 22 Nov 1943 (aged 70)
Washington, District of Columbia, District of Columbia, USA
Burial Ozark, Dale County, Alabama, USA
Plot Right of Center
Memorial ID 7339964 · View Source
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United States Congressman. He represented Alabama’s third congressional district starting on March 4, 1915 with the 64th session of the United States Congress serving until his death. As a member of United States House of Representatives in 1931, he ascended to Chairman of the House Banking Committee, which placed him in a key position in subsequent years during the passage of New Deal reforms. As a backer of Southern agriculture and small post-Depression banks, he became an early supporter of bank deposit insurance. He became the Chairman of the House Banking after the failure of many regional banks in the fall of 1931. The Great Depression worsened in 1932. Once United States President Franklin Roosevelt came to office in March of 1933, the Democrats unified their control over law making and passed a series of reforms intended to resolve the banking crisis. One of these laws was the Banking Act of 1933, which was coauthored by Steagall of the House of Representatives and his counterpart Democrat Senator Carter Glass of Virginia. Steagall supported a Federal Deposit Insurance while Glass supported separating commercial from investment banking; each subject was addressed in the law. The 1999 law known as “Gramm-Leach-Bliley” formally ended the separation of commercial and investment banking, yet the Steagall's Federal Deposit Insurance has survived and expanded from $2,500 per deposit in 1934 to $250,000 today. He was also involved with the Housing Act of 1937, which established the United States Housing Authority to oversee low-income housing. Later in 1965, this agency merged with other agencies to form the Department of Housing and Urban Development. After attending public schools, he attended the Southeast Alabama Agricultural School at Abbeville. He graduated with a law degree from the University of Alabama at Tuscaloosa in 1892, admitted to the bar the same year, and commenced to practice law in the town of Ozark in Dale County. From 1902 to 1908, he was the county solicitor of Dale County. He was elected to the State House of Representatives in 1906 and again in 1907. Before serving in the United States House of Representatives, he was a member of the State Democratic executive committee from 1906 to 1910; prosecuting attorney of the third judicial circuit from 1907 to 1914; and delegate to the Democratic National Convention in 1912.

Bio by: Linda Davis



Inscription

"Member of Congress 1914-1943
Author of the Federal Deposit Insurance Act 1933"


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  • Maintained by: Find a Grave
  • Added: 8 Apr 2003
  • Find a Grave Memorial 7339964
  • Find a Grave, database and images (https://www.findagrave.com : accessed ), memorial page for Henry Bascom Steagall (19 May 1873–22 Nov 1943), Find a Grave Memorial no. 7339964, citing Westview Cemetery, Ozark, Dale County, Alabama, USA ; Maintained by Find A Grave .