Federal Reserve Act

Federal Reserve Act of 1913The Federal Reserve Act1913 establishment of the Federal Reserveestablishment of the Federal ReserveFederal Reserve Act 1913Glass-Owen Bill
The Federal Reserve Act was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913.wikipedia
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63rd United States Congress

Sixty-third63rd63rd Congress
The Federal Reserve Act was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913.

Woodrow Wilson

WilsonPresident WilsonPresident Woodrow Wilson
The Federal Reserve Act was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913.
Wilson also presided over the passage of the Federal Reserve Act, which created a central banking system in the form of the Federal Reserve System.

Federal Reserve

Federal Reserve SystemUS Federal ReserveU.S. Federal Reserve
The law created the Federal Reserve System, the central banking system of the United States.
It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.

Carter Glass

E. Carter GlassCarter A. GlassGlass
After Democrats won unified control of Congress and the presidency in the 1912 elections, President Wilson, Congressman Carter Glass, and Senator Robert Latham Owen crafted a central banking bill that occupied a middle ground between the Aldrich Plan, which called for private control of the central banking system, and progressives like William Jennings Bryan, who favored government control over the central banking system.
Working with President Wilson, he passed the Federal Reserve Act, which established a central banking system for the United States.

Federal Reserve Bank

Federal Reserve DistrictsFederal Reserve BanksFederal Reserve
The Federal Reserve Act created the Federal Reserve System, consisting of twelve regional Federal Reserve Banks jointly responsible for managing the country's money supply, making loans and providing oversight to banks, and serving as a lender of last resort.
There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913.

Federal Reserve Note

Federal Reserve Notesbanknoteslarge-sized note
Also created as part of the Federal Reserve System was a 12-member Federal Advisory Committee and a single new United States currency, the Federal Reserve Note.
Federal Reserve Notes are authorized by Section 16 of the Federal Reserve Act of 1913 and are issued to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System.

Federal Open Market Committee

FOMCFederal Open Markets CommitteeOpen Market Committee
The 1933 Banking Act amended the Federal Reserve Act to create the Federal Open Market Committee, which oversees the Federal Reserve's open market operations.
Under the terms of the original Federal Reserve Act, each of the Federal Reserve banks was authorized to buy and sell in the open market bonds and short term obligations of the United States Government, bank acceptances, cable transfers, and bills of exchange.

1933 Banking Act

Banking Act of 1933Glass–Steagall ActGlass-Steagall Act
The 1933 Banking Act amended the Federal Reserve Act to create the Federal Open Market Committee, which oversees the Federal Reserve's open market operations.
Glass had been the House sponsor of the Federal Reserve Act of 1913 (the Glass-Owen Act) and considered himself "the father of the Federal Reserve System."

Central bank

central bankscentral bankingcentral banking system
The law created the Federal Reserve System, the central banking system of the United States.
In 1913 the United States created the Federal Reserve System through the passing of The Federal Reserve Act.

Aldrich–Vreeland Act

Aldrich-Vreeland ActAldrich Vreeland ActAldrich Plan
Some of this was chronicled in the reports of the National Monetary Commission (1909–1912), which was created by the Aldrich–Vreeland Act in 1908. The proposed legislation was known as the Aldrich Plan, named after the chairman of the Commission, Republican Senator Nelson W. Aldrich of Rhode Island.
The Aldrich–Vreeland Act was passed in response to the Panic of 1907 and established the National Monetary Commission, which recommended the Federal Reserve Act of 1913.

Panic of 1907

depression of 19071907 financial crisisFinancial Panic of 1907
The Panic of 1907 convinced many Americans of the need to establish a central banking system, which the country had lacked since the Bank War of the 1830s.
For nearly two years legislators debated the proposal, and it was not until December 23, 1913, that Congress passed the Federal Reserve Act.

Robert Latham Owen

Robert L. OwenRobert OwenOwen
After Democrats won unified control of Congress and the presidency in the 1912 elections, President Wilson, Congressman Carter Glass, and Senator Robert Latham Owen crafted a central banking bill that occupied a middle ground between the Aldrich Plan, which called for private control of the central banking system, and progressives like William Jennings Bryan, who favored government control over the central banking system.
A Democrat active in many progressive causes, including efforts to strengthen public control of government, and the fight against child labor, Owen is especially remembered as the Senate sponsor of the Glass-Owen Federal Reserve Act of 1913, which created the Federal Reserve System.

Pujo Committee

Pujo Money Trust Investigation
Indeed, from May 1912 through January 1913 the Pujo Committee, a subcommittee of the House Committee on Banking and Currency, held investigative hearings on the alleged Money Trust and its interlocking directorates.
In 1913–1914, the findings inspired public support for ratification of the Sixteenth Amendment that authorized a federal income tax, passage of the Federal Reserve Act, and passage of the Clayton Antitrust Act.

Nelson W. Aldrich

Nelson AldrichNelson Wilmarth AldrichSenator Nelson W. Aldrich
The proposed legislation was known as the Aldrich Plan, named after the chairman of the Commission, Republican Senator Nelson W. Aldrich of Rhode Island.
The Aldrich Plan strongly influenced the Federal Reserve Act of 1913, which established the Federal Reserve System.

National Monetary Commission

Aldrich Plan
After Democrats won unified control of Congress and the presidency in the 1912 elections, President Wilson, Congressman Carter Glass, and Senator Robert Latham Owen crafted a central banking bill that occupied a middle ground between the Aldrich Plan, which called for private control of the central banking system, and progressives like William Jennings Bryan, who favored government control over the central banking system. Some of this was chronicled in the reports of the National Monetary Commission (1909–1912), which was created by the Aldrich–Vreeland Act in 1908.
The Commission's reports and recommendations became one of the principal bases in the enactment of the Federal Reserve Act of 1913 which created the modern Federal Reserve system.

Great Depression

DepressionThe Great DepressionDepression era
1234). The success of this amendment is notable, as in 1933, the US was in the throes of the Great Depression and public sentiment with regards to the Federal Reserve System and the banking community in general had significantly deteriorated.
At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act, which required 40% gold backing of Federal Reserve Notes issued.

First Bank of the United States

Bank of the United Statesnational bankFirst
These institutions started with the First and Second banks of the United States, which were championed in large part by Alexander Hamilton.

Louis Brandeis

BrandeisJustice BrandeisLouis Dembitz Brandeis
Relying heavily on the advice of Louis Brandeis, Wilson sought a middle ground between progressives such as William Jennings Bryan and conservative Republicans like Aldrich.
They convinced Congress to enact the Federal Reserve Act in December 1913.

Second Bank of the United States

Bank of the United Statesnational bankUnited States Bank
These institutions started with the First and Second banks of the United States, which were championed in large part by Alexander Hamilton.

Arsène Pujo

Arsène Paulin PujóArsene PujoArsène P. Pujo
These hearings were chaired by Rep. Arsene Pujo, a Democratic representative from Louisiana.
Although Pujo left Congress in 1913, the findings of the committee inspired public support for ratification of the Sixteenth Amendment in 1913, passage of the Federal Reserve Act that same year, and passage of the Clayton Antitrust Act in 1914.

United States Senate Committee on Banking, Housing, and Urban Affairs

Senate Banking CommitteeCommittee on Banking, Housing, and Urban AffairsBanking and Currency
The Committee was formally established as the "Committee on Banking and Currency" in 1913, when Senator Robert L. Owen of Oklahoma sponsored the Federal Reserve Act.

Jekyll Island

Jekyll Island, GeorgiaJeckyll Island, GeorgiaJekyl Island
It is generally believed that the outline of the Plan had been formulated in a secret meeting on Jekyll Island in November 1910, which Aldrich and other well connected financiers attended.
Parts of this draft (the Aldrich plan) were incorporated into the 1913 Federal Reserve Act.

Dodd–Frank Wall Street Reform and Consumer Protection Act

Dodd-Frank Wall Street Reform and Consumer Protection ActDodd-FrankDodd-Frank Act
The Act changes the existing regulatory structure, by creating a number of new agencies (while merging and removing others) in an effort to streamline the regulatory process, increasing oversight of specific institutions regarded as a systemic risk, amending the Federal Reserve Act, promoting transparency, and additional changes.

Frank A. Vanderlip

Frank VanderlipFrankFrank Arthur Vanderlip, Sr.
After Wilson convinced just enough Democrats to defeat an amendment put forth by bank president Frank A. Vanderlip that would have given private banks greater control over the central banking system, the Senate voted 54–34 to approve the Federal Reserve Act.
The bankers formulated the outline to a plan that laid the groundwork for the drafting of the eventual Federal Reserve Act.