Aldrich–Vreeland Act
bill p-ssed into law may 1908. created a scheme for preventing banking liquidity crises (such as the crisis of 1907); also created a commission for m-ssive banking reform. the aldrich-vreeland commission deliberated for three years before sending their plan to congress.
in 1912, republicans lost control of congress and the white house. the aldrich-vreeland was modified by sen. carter gl-ss (d-va), then submitted it to congress and p-ssed december 1913. this created the federal reserve system.
sen. gl-ss argued that the federal reserve act of 1913 was totally different from the plan developed by the republicans. anna schwartz and milton friedman, in -a monetary history of the united states, 1867-1960- (1963) explained it was pretty much the same. in any event, the aldrich-vreeland act was one of the most important pieces of legislation ever p-ssed in response to an economic crisis.
marc: wow! glenn beck says that woodrow wilson was actually a crypto-communist.
bill: sorry, that’s silly.
marc: well, didn’t he create the federal reserve bank? that’s socialistic, isn’t it.
bill: uh, it was designed during the administration of william howard taft, marc. ever heard of the aldrich–vreeland act?
marc: president taft? i had no idea he was a communist too!
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