Happy bday to the Federal Reserve
President Woodrow Wilson signed the Federal Reserve Act in December 1913, culminating three years of discussion and debate over the development of a central bank.
For better or worse, richer and poorer and until death do us part …
The FED … like ‘em or not, are celebrating another year of existence.
HERE is archived link from the Fed where you can read all ‘bout it (in the case you are having ANY trouble sleeping at night and/or want to look busy with your ‘outlaws’ and other relatives crashing at your place for the holidays), and where you’ll be greeted by this one
With the nation confronting another financial crisis in 1907, and the United States the only one of the world’s major financial powers without a central bank, the nation was forced to turn to Wall Street. Finance mogul J.P. Morgan, who had bailed the government out of a financial crisis in 1895, organized private sector investments and lines of credit to stabilize the banking system amid its latest panic.
…There were certainly differences between the final bills that passed both chambers, but they had much in common. Matters worked out in committee included the number of Reserve Banks, which ended up specifying between eight and twelve, and the makeup of the Federal Reserve Board, including the return of the comptroller of the currency to the Board. As far as the terms of the Federal Reserve governors, they agreed on staggered terms and extended them from the six or eight years in the approved bills to ten to ensure no president could appoint all governors during a two-term presidency.
The Federal Reserve Act was signed by President Wilson on December 23, 1913.
Makes you realize, how the more things change the more they have stayed the same.
Whatever the case, here we are, continuing to be livin’ the dream over the past 100+ years, for better or worse, until death do us part…