The Royal Commission on Banking and Currency (also known as the Macmillan Commission) was a 1933 Canadian royal commission

Royal Commission

In Commonwealth realms and other monarchies a Royal Commission is a major ad-hoc formal public inquiry into a defined issue. They have been held in various countries such as the United Kingdom, Australia, Canada, New Zealand, and Saudi Arabia...

 tasked with reviewing the Canadian government's involvement in monetary policy

Monetary policy

Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...

. Chaired by Scottish jurist Hugh Macmillan

Hugh Macmillan, Baron Macmillan

Hugh Pattison Macmillan, Baron Macmillan GCVO PC was a Scottish judge.The son of the Revd Hugh Macmillan, he was educated at Collegiate School, Greenock, at the University of Edinburgh and the University of Glasgow...

, it also included Bank of England

Bank of England

The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

 director Sir Charles Addis, former Canadian Finance Minister William Thomas White

William Thomas White

Sir William Thomas White, KCMG, PC was a Canadian politician and Cabinet minister.-Biography:White worked as a reporter for the Toronto Evening Telegram in 1890, and subsequently worked for Toronto's Assessment Department...

, Banque Canadienne de Montreal general manager Beaudry Leman, and Premier of Alberta

Premier of Alberta

The Premier of Alberta is the first minister for the Canadian province of Alberta. He or she is the province's head of government and de facto chief executive. The current Premier of Alberta is Alison Redford. She became Premier by winning the Progressive Conservative leadership elections on...

 John Edward Brownlee

John Edward Brownlee

John Edward Brownlee was the fifth Premier of Alberta, Canada, serving from 1925 until 1934. Born in Port Ryerse, Ontario, he studied history and political science at the University of Toronto's Victoria College before moving west to Calgary to become a lawyer...

. The Order in Council creating the commission was issued July 31, 1933, and the first meeting was held in Ottawa

Ottawa

Ottawa is the capital of Canada, the second largest city in the Province of Ontario, and the fourth largest city in the country. The city is located on the south bank of the Ottawa River in the eastern portion of Southern Ontario...

 August 8. Meetings across the country followed until the commission completed its hearings in Ottawa September 15.

The commission's two major recommendations were the establishment of a Canadian central bank

Central bank

A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...

(passed by a 3–2 margin with White and Leman in opposition) and the establishment of an inquiry "to investigate the existing organizations for the provision of rural credit with a view to the preparation of a scheme for the consideration of Parliament" (passed unanimously).