Birth of the Fed.(Then & Now)

From: ABA Banking Journal | Date: February 1, 2008 | Copyright information

Today, with the stumbling economy needing all the help it can get, many eyes are on the Federal Reserve System. Chairman Benjamin Bernanke now holds the hot seat occupied by the likes of Alan Greenspan, Paul Volcker, Arthur Burns, and many more. And that was also the case for bankers in December 1913, when President Woodrow Wilson signed the Fed into life as he approved the Federal Reserve Act. Present at the signing was Representative Carter Glass, frequently called the father of the Fed, and later, as a senator, the father of the Glass-Steagall Act.

For many decades since ...

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