Despite the radical nature of this proposal phillips argues that it played an important and hitherto neglected role in the banking legislation passed during the new deal the paper addresses the question of whether our present financial problems might have been avoided had the chicago plan been fully implemented during the new deal. The chicago plan new deal banking reform phillips ronnie j minsky hyman p on amazoncom free shipping on qualifying offers the chicago plan new deal banking reform. The chicago plan and new deal banking reform during the 1930s there were numerous proposals put forth to modify the financial system the chicago plan submitted in 1933 by economists at the university of chicago recommended abolition of the fractional reserve system and imposition of 100 reserves on demand deposits. The chicago plan revisited is an international monetary fund imf report from 2012 by jaromir benes and michael kumhofthe focus of the study is the so called chicago plan of the 1930s which the authors have updated to fit into todays economy the basic idea is that banks should be required to have full coverage for money they lend this is called 100 reserve banking which would replace
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