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In November 1910, six men Nelson Aldrich, A. Piatt Andrew, Henry Davison, Arthur Shelton, Frank Vanderlip and Paul Warburg met at the Jekyll Island Club, off the coast of Georgia, to write a plan to reform the nations banking system.
Hamilton was persistent, and in early 1791, Congress passed the bill that created the nations first central banking system. After Hamilton presented his case in a 15,000-word essay, On the Constitutionality of a National Bank, President Washington signed the bill into law on Feb. 25, 1791.
Federal Reserve Chairs (Left to Right): Janet Yellen, Alan Greenspan, Ben Bernanke, and Paul Volcker.
Owen incorporated modifications by Woodrow Wilson and allowed for a regional Federal Reserve System, operating under a supervisory board in Washington, D.C. Congress approved the Act, and President Wilson signed it into law on December 23, 1913.
The 1913 Federal Reserve Act, signed into law by President Woodrow Wilson, gave the 12 Federal Reserve banks the ability to print money to ensure economic stability. 1 The Federal Reserve System created the dual mandate to maximize employment and keep inflation low.
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1912: Woodrow Wilson as Financial Reformer Throughout most of 1912, Glass and Willis labored over a central bank proposal, and by December 1912, they presented Wilson with what would become, with some modifications, the Federal Reserve Act.
Not everyone agreed with Hamiltons plan. Thomas Jefferson was afraid that a national bank would create a financial monopoly that might undermine state banks and adopt policies that favored financiers and merchants, who tended to be creditors, over plantation owners and family farmers, who tended to be debtors.
The Federal Reserve Board employs more than 500 researchers, including more than 400 Ph. D. economists, who represent an exceptionally diverse range of interests and specific areas of expertise.

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