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Unformatted text preview: Discontent and Reform Late-19th century American farmers experienced recurring periods of hardship The Federal Reserve Act of December 23, 1913, was Wilson's most enduring legislative accomplishment. Conservatives had favored establishment of one powerful central bank. The new act, in line with the Democratic Partys Jeffersonian sentiments, divided the country into 12 districts, with a Federal Reserve Bank in each, all supervised by a national Federal Reserve Board with limited authority to set interest rates. The act assured greater flexibility in the money supply and made provision for issuing federal- reserve notes to meet business demands. Greater centralization of the system would come in the 1930s. The next important task was trust regulation and investigation of corporate abuses. Congress authorized a Federal Trade Commission to issue orders prohibiting "unfair...
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- Fall '10
- Federal Reserve