WHO created the FEDERAL RESERVE?
In November of 1910, Republican Senate leader Nelson Aldrich rode a private railway car alone from New Jersey to Georgia with only 6 other passengers. One of them being his personal secretary and the rest were businessmen fashioning a career (or even a family dynasty) in banking, with the intentions of creating a monopoly of money for the United States. According to memoirs written by several of these men years later, the trip was so secretive because if the American public knew a new financial institution was formulated by the big bankers tied to Wall Street, the Federal Reserve Act would never have passed. Once they reached Jekyll Island (privately owned at the time), they began to discuss & mold the infrastructure of a central bank. After approximately 10 days of deliberating, the Aldrich Plan was completed and overtime was renamed the Federal Reserve Act in order to pass the Congress in 1913.
WHAT does the FEDERAL RESERVE DO?
-Conducting the nation’s monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates
–Supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers
–Maintaining the stability of the financial system and containing systemic risk that may arise in financial markets
–Providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system
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