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A deposit initiator is the first bottler, distributor, dealer or agent to collect the deposit on a beverage container sold in New York State. You're a deposit initiator if you: 1  Bottle beverages in beverage containers with an established deposit. 2  Distribute beverages in beverage containers with an established deposit and you did not purchase the containers from a registered deposit initiator.
Glass, a former Treasury secretary, was the primary force behind the act. Steagall, then chairman of the House Banking and Currency Committee, agreed to support the act with Glass after an amendment was added to permit bank deposit insurance.1 On June 16, 1933, President Roosevelt signed the bill into law.