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The Political History of Central Banking in the United States • vii.docx

The Political History of Central Banking in the United States • vii.docx

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The Political History of Central Banking in the United States • vii 1791 – 1811 The First Bank of the United States The brainchild of Alexander Hamilton was controversial from its inception. Public distrust led to the failure of a bid to renew its original 20-year charter. 1817 – 1841 The Second Bank of the United States The Second Bank was also not widely understood by the public and strongly opposed by President Andrew Jackson. The Second Bank’s charter renewal became an issue during Jackson’s second presidential campaign, and he vetoed the bill in July 1832. The bank’s role dwindled, and it was eventually transformed into a state bank before closing. 1908 The Aldrich-Vreeland Act After the Panic of 1907, the legislation provided for the issuance of emergency currency and created the National Monetary Commission to determine what changes might be needed to the monetary system and laws related to banking and currency. 1913 The Federal Reserve Act President Woodrow Wilson signed legislation creating the Federal Reserve on Dec. 23, 1913. Public concern about too much power being centralized on Wall Street or in Washington led to a decentralized structure. The 12 regional Reserve Banks opened on Nov. 16, 1914.
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