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Tag Archives: Federal Reserve Act
Four Gold Pens
The title of my documentary refers to the signing of the Federal Reserve Act by President Woodrow Wilson in 1913. He used four gold pens to sign the document as reported by the New York Times. My documentary consists of real footage and recreated scenes accompanied with great music like the song “Money Makes the World go Round” from the movie Cabaret and “Money” by Pink Floyd. It covers relevant economic history beginning with the Panic of 1907 and ending with the establishment of the FDIC Act in 1933.
The image above shows J. P. Morgan (middle) and his daughter arriving in Washington DC. for the Pujo Hearings. The purpose of the hearings was to investigate the “Money Trust” or the connections between Wall Street bankers who had and still have powerful control over the Nation’s finances. Scenes from the hearings play an important part in my documentary since they show a strong opposition against the financial elite at that time. The hearings took place from May 1912 to January 1913.
Posted in 1900-1916, 1916-1920, 1920-1932, 1932-1940, Economic History, Final Exam Component
Tagged FDIC, Federal Reserve Act, J. P. Morgan, Money Trust, Panic of 1907, Wall Street
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Federal Reserve Act of 1913
Between 1836 and 1913, the United States banking system was not regulated by a central system. During this period, the United States economy experienced few financial panics. That happened because banks usually lent more money than they had in their reserves to cover sudden massive withdrawals. The signing of the Federal Reserve Act on December 23, 1913 was an important step taken by President Woodrow Wilson to make the financial system more stable. However, few years later, despite the creation of the Federal Reserve System, the United States experienced the Great Depression after the crash of the stock market in 1929.
http://www.llsdc.org/attachments/files/105/FRA-LH-PL63-43.pdf
Posted in 1900-1916, Economic History, June 29 assignment
Tagged Federal Reserve Act, Woodrow Wilson
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