The Bank of Canada Act, 1934
One of the causes of the Great Depression was speculation, the process of purchasing stocks "on margin", expecting that the value of the stock will increase enough to pay back the loan and accumulate a profit. As more investors took advantage of this situation, it was becoming increasingly evident that the banking structure was weak and that existing government policies were ineffective. To prevent something like this from happening again, PM Bennett passed the Bank of Canada Act in 1934, which created a central bank responsible for issuing currency, setting the bank rate, and helping decide banking policies. The Bank of Canada is completely owned by the Government of Canada, and the Bank acts as the monetary manager.