Work
Federal Reserve Act
Act of Congress signed on 23 December 1913 that created the Federal Reserve System.
- Dates
- 23 Dec 1913
According to Federal Reserve
- influenced by Aldrich plan
- influenced by Carter Glass
- influenced by Paul Warburg
- influenced by Woodrow Wilson
According to Carter Glass
- influenced by Carter Glass
According to Edwin Seligman
- influenced by Paul Warburg
Connections 11
enacted by
- Woodrow Wilson 23 Dec 1913 Scholarship & press 1
includes
- Federal Reserve Act, section 4 Primary record 2
- Federal Reserve Act, section 5 Primary record 3
- Federal Reserve Act, section 7 Primary record 4
led to
- Federal Reserve Primary record 5
influenced by
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Aldrich plan
According to Federal Reserve
Scholarship & press
6
The Fed's history adds that the main differences were the political and decision-making structures.
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Carter Glass
According to Carter Glass
Scholarship & press
6
Glass claimed the key ideas as his own in his 1927 memoir; Samuel Untermyer, in a pamphlet, called the claim "fiction".
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Carter Glass
According to Federal Reserve
Scholarship & press
1
The Kansas City Fed on the House bill, before the Senate and conference changes.
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Paul Warburg
According to Federal Reserve
Scholarship & press
6
The Fed's history: Glass, Owen and their staffs consulted him, and Wilson's advisers corresponded with him.
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Paul Warburg
According to Edwin Seligman
Scholarship & press
6
Edwin Seligman wrote this in 1914, in his introduction to Warburg's essays; he and Carter Glass argued the point in the New York Times in 1927.
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Woodrow Wilson
According to Federal Reserve
Scholarship & press
1
The Kansas City Fed's account: Wilson wanted a central board with supervisory authority.
Timeline 2 dates
- 23 Dec 1913 Federal Reserve Act
- 23 Dec 1913 Woodrow Wilson signed into law Federal Reserve Act
Proof 6 sources
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Federal Reserve Act Signed into Law, Federal Reserve History (staff of the Federal Reserve Bank of Kansas City), 22 Nov 2013.
Scholarship & press
The Federal Reserve Act was signed by President Wilson on December 23, 1913.
While Aldrich would have created a central body, the Glass bill provided for a system of regional banks.
Wilson, however, felt the plan needed an oversight agency.
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Federal Reserve Act, Section 4: Federal Reserve Banks, Board of Governors of the Federal Reserve System (text of the Act).
Primary record
The president shall be the chief executive officer of the bank and shall be appointed by the Class B and Class C directors of the bank, with the approval of the Board of Governors of the Federal Reserve System, for a term of 5 years;
Class C shall consist of three members who shall be designated by the Board of Governors of the Federal Reserve System.
No director of class B shall be an officer, director, or employee of any bank.
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Federal Reserve Act, Section 5: Stock Issues; Increase and Decrease of Capital, Board of Governors of the Federal Reserve System (text of the Act).
Primary record
Shares of the capital stock of Federal reserve banks owned by member banks shall not be transferred or hypothecated.
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Federal Reserve Act, Section 7: Division of Earnings, Board of Governors of the Federal Reserve System (text of the Act).
Primary record
in the case of a stockholder with total consolidated assets of $10,000,000,000 or less, 6 percent.
the smaller of-- the rate equal to the high yield of the 10-year Treasury note auctioned at the last auction held prior to the payment of such dividend; and 6 percent;
Any amounts of the surplus funds of the Federal reserve banks that exceed, or would exceed, the limitation under subparagraph (A) shall be transferred to the Board of Governors of the Federal Reserve System for transfer to the Secretary of the Treasury
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Who owns the Federal Reserve?, Board of Governors of the Federal Reserve System.
Primary record
The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank.
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The Meeting at Jekyll Island, Federal Reserve History (Federal Reserve Banks and Board of Governors), 4 Dec 2015.
Scholarship & press
The technical details of the final bill closely resembled those of the Aldrich Plan.
Glass, by now a senator, claimed credit for the key ideas in the Federal Reserve Act
in which he asserted that Glass's claims of primary authorship were "fiction," "fable," and a "work of imagination"
Claims Glory for Owen. Wilson, McAdoo and Bryan also Entitled to Credit
Glass, Owen, and their staffs directly consulted with Warburg, whose technical expertise was respected by Democratic and Republican politicians alike.
in its fundamental features the Federal Reserve Act is the work of Mr. Warburg more than of any other man.
In 1927, Seligman and Glass debated this point in a series of letters published in the New York Times.
Page history 1 change
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