Carter Glass

Banking Act of 1935 Restructures Federal Reserve, Reduces Wall Street Influence Over Monetary Policy

1935-08-23 00:00:00 +0000 UTC | Importance: 8/10

President Roosevelt signs the Banking Act of 1935 on August 23, 1935, fundamentally restructuring the Federal Reserve System to centralize monetary policy authority in a reformed Board of Governors in Washington rather than the twelve regional Federal Reserve Banks, which had been dominated by …

Franklin D. Roosevelt Marriner Eccles Carter Glass U.S. Congress Federal Reserve Board +1 more financial-regulation new-deal federal-reserve banking-reform monetary-policy +1 more

Federal Reserve Act Creates Central Banking System: Wilson Signs Compromise Between Private Bank Control and Government Oversight

1913-12-23 00:00:00 +0000 UTC | Importance: 10/10

President Woodrow Wilson signed the Federal Reserve Act at 6:00 p.m., creating the Federal Reserve System as the central banking system of the United States. The need for a central bank became evident during the Panic of 1907, when the federal government lacked tools to respond and had to depend on …

President Woodrow Wilson Carter Glass Robert Latham Owen JP Morgan William Jennings Bryan banking-consolidation progressive-era financial-regulation federal-reserve jp-morgan