A Brief History of the Federal Reserve Bank

Woodrow Wilson and Financial Reform

Though he himself did not have a deep background in banking and financial issues, President Wilson created a team
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Woodrow Wilson and Financial Reform
The modern Fed traces its founding to President Wilson, who created a team of advisors that crafted the proposal which ultimately became the Federal Reserve Act, passed by Congress in 1913. The legislation called for the creation of a network of 12 regional reserve banks, headed by a seven-member Federal Reserve Board made up of public officials appointed by the President.

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