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The Federal Reserve System
Transcript of The Federal Reserve System
America was heavily influenced by the idea of Social Darwinism in business affairs, leading business giants into taking over smaller companies. The act of monopolizing quickly surged and hurt the citizens. Congress attempted to stop this with the Sherman Act and the Clayton Antitrust Act, which both ultimately failed. This led Congress to establish the Federal Reserve System, which was designed to control the money monopoly by controlling the flow of money, monitoring the actions of the new federal banks, and protecting consumers from unfairness in business affairs.
THE FEDERAL RESERVE SYSTEM
Monitoring the Banks
Federal Reserve Board
12 Regional Federal Reserve Banks
Each has its own central bank in its region
Guaranteed a substantial level of public control
President Woodrow Wilson's attempt to reform the banking system of the United States quite a success for the nation. The Federal Reserve System was able to diminish monopolies so that their business giants would not rob the citizens blind of their money. Wilson's reform of the banking system allowed citizens to have some safety and security in their financial concerns.
1st federal action
Made illegal for companies to form monopolies
Clayton Antitrust Act
Strengthened Sherman Act
Labor and agricultural organizations benefited
Underwood Tariff Bill
Reduced tariff rates
Passed in 1913
How was the Federal Reserve System designed to combat the money monopoly?
by Quyen, Christine, Kevin
Federal Reserve Notes
Authorized in section 16 of the Federal Reserve Act
Backed commercial money = no money overflow
Federal Trade Commissions Act of 1914
Busted monopolies at source
Investigated corrupt businesses
Flow of money
Reading the Death Warrant