The Federal Reserve Act of 1913 (HOM 30-C)

History of Money, Lecture 30, Pt. C: on December 23, 1913, President Woodrow Wilson, a Democrat, signed the Federal Reserve Act into law. The Federal Reserve System replaced the National Banking System, created the famous Federal Reserve Note (redeemable in gold at the U.S. Treasury), functioned as a lender of last resort, and placed the charge of the nation's money supply in twelve private Federal Reserve district banks across the nation, with the New York Fed the most powerful, the system overseen by a Federal Reserve Board in Washington, D.C. Morgan partner Benjamin Strong, Jr. was made Governor (President) of the Federal Reserve Bank of New York, and Woodrow Wilson appointed Paul Warburg to serve on the Federal Reserve Board in Washington. Until 1933, open market operations were conducted autonomously by each of the twelve Federal Reserve Banks, owned and controlled by the member banks in their district. The plan hammered out at the Jekyll Island Club in Georgia, for a central bank in the United States, finally came to fruition.
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Dr. Jonathan Barth received his PhD in history from George Mason University in 2014. He specializes in the history of money and banking in the early modern period, with corollary interests in early modern politics, empire, culture, and ideas. Barth is Associate Professor of History at Arizona State University and Associate Director of the Center for American Institutions at Arizona State University.
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