The Federal Reserve Act was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913. The law created the Federal Reserve System, the central banking system of the United States.
Banking in the United States began by the 1780s along with the country's founding and has developed into highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services namely private banking, asset management, and deposit security.
A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913. The banks are jointly responsible for implementing the monetary policy set forth by the Federal Open Market Committee, and are divided as follows:
John Pierpont Morgan Sr. was an American financier and investment banker who dominated corporate finance on Wall Street throughout the Gilded Age. As the head of the banking firm that ultimately became known as J.P. Morgan and Co., he was the driving force behind the wave of industrial consolidation in the United States spanning the late 19th and early 20th centuries.
The Panic of 1907, also known as the 1907 Bankers' Panic or Knickerbocker Crisis, was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from its peak the previous year. The panic occurred during a time of economic recession, and there were numerous runs on banks and on trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered bankruptcy. The primary causes of the run included a retraction of market liquidity by a number of New York City banks and a loss of confidence among depositors, exacerbated by unregulated side bets at bucket shops.
This history of central banking in the United States encompasses various bank regulations, from early wildcat banking practices through the present Federal Reserve System.
The Pecora Investigation was an inquiry begun on March 4, 1932, by the United States Senate Committee on Banking and Currency to investigate the causes of the Wall Street Crash of 1929. The name refers to the fourth and final chief counsel for the investigation, Ferdinand Pecora. His exposure of abusive practices in the financial industry galvanized broad public support for stricter regulations. As a result, the U.S. Congress passed the Glass–Steagall Banking Act of 1933, the Securities Act of 1933, and the Securities Exchange Act of 1934.
Other People's Money And How the Bankers Use It (1914) is a collection of essays written by Louis Brandeis first published as a book in 1914, and reissued in 1933. This book is critical of banks and insurance companies.
Arsène Paulin Pujo was a member of the United States House of Representatives best known for chairing the "Pujo Committee", which sought to expose an anticompetitive conspiracy among some of the nation's most powerful financial interests (trusts).
Samuel J. Untermyer was a prominent American lawyer and civic leader. He is also remembered for bequeathing his Yonkers, New York estate, now known as Untermyer Park, to the people of New York State.
This article is about the history of the United States Federal Reserve System from its creation to the present.
The main belief behind the concept of a money trust is that the majority of the world's financial wealth and political power could be controlled by a powerful few.
Benjamin Strong Jr. was an American banker. He served as Governor of the Federal Reserve Bank of New York for 14 years until his death. He exerted great influence over the policy and actions of the entire Federal Reserve System and indeed over the financial policies of all of the United States and Europe.
Philadelphia financier Jay Cooke established the first modern American investment bank during the Civil War era. However, private banks had been providing investment banking functions since the beginning of the 19th century and many of these evolved into investment banks in the post-bellum era. However, the evolution of firms into investment banks did not follow a single trajectory. For example, some currency brokers such as Prime, Ward & King and John E. Thayer and Brother moved from foreign exchange operations to become private banks, taking on some investment bank functions. Other investment banks evolved from mercantile firms such as Thomas Biddle and Co. and Alexander Brothers.
This article details the history of banking in the United States. Banking in the United States is regulated by both the federal and state governments.
Frank Knight Sturgis was an American banker who served as president of the New York Stock Exchange and became a prominent member of New York society during the Gilded Age.
The Astor Trust Company was a historic American banking organization. The firm merged with Bankers Trust in 1917.
James Brown Mabon was an American banker who served as president of the New York Stock Exchange.
Rudolph Keppler was a German-American banker who served as president of the New York Stock Exchange.
The Fourth National Bank of New York was an American bank based in New York City.
