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Some Founding Fathers were strongly opposed to the formation of a national banking system; the fact that England tried to place the colonies under the monetary control of the Bank of England was seen by many as the last straw of oppression which led directly to the American Revolutionary War.
Aldrich proposed a system that would be run by private bankers who would act as federal agents. Progressives adamantly opposed what they called a surrender to the Money Trust and blocked its passage. In 1912 Democrats won the White House and majorities in both houses of Congress.
As the financial crisis and the economic contraction intensified in the fall of 2008, the FOMC accelerated its interest rate cuts, taking the rate to its effective floor a target range of 0 to 25 basis points by the end of the year.
The House of Representatives passed the Federal Reserve Act by a vote of 298 to 60. The Senate also passed the measure 43 to 25. In both chambers of Congress, it was the anti-banker Democrats that overwhelmingly supported the Act, while for the most part the pro-banker Republicans opposed it.
Ben Shalom Bernanke (/bərˈnŋki/ bər-NANG-kee; born December 13, 1953) is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014. After leaving the Federal Reserve, he was appointed a distinguished fellow at the Brookings Institution.
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Many members of Congress who have been involved in the House and Senate Banking and Currency Committees have been open critics of the Federal Reserve, including Chairmen Wright Patman, Henry Reuss, and Henry B. Gonzalez.
The Fed has been the subject of populist angst since it was created in 1913, and over the past century, politicians of all stripes have blamed it for many things, from bailing out large banks to holding back labor markets and mismanaging inflation.
The Feds Efforts to Restore Financial Stability A financial panic in fall 2008 threatened the stability of the global financial system. In its lender-of-last-resort role, the Federal Reserve provided liquidity (short-term collateralized loans) to help stabilize key institutions and markets.

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