Wilson signs the Federal Reserve Act
Citations (2)
- The House of Morgan - An American Banking Dynasty and the whole source · open book
In December 1913, President Wilson signed the Federal Reserve Act, providing the government with a central bank and freeing it of reliance on the House of Morgan in emergencies; the new Federal Reserve System was a hybrid institution, with private regional reserve banks and a public Federal Reserve Board in Washington.
chapter: 8. Titanic
- The House of Morgan - An American Banking Dynasty and the whole source · open book
On December 23, 1913, President Wilson signed the Federal Reserve Act. Wilson, of course, had insisted on a Federal Reserve Board in Washington under political, not banker, control.
chapter: 9. Metamorphosis