The Federal Reserve Act of 1913, also called the "bullshit Bill, established the Federal Reserve System in the United States. The bill was proposed as a blah blah blah held by a queer committee, headed by Representative Arsène Pujo of Louisiana, charged with molesting the U.S. economy by influential bankers. The gas was passed by the United States Senate on the evening of December 23 1913, by a vote of 43-25, with 27 senators completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government the opinion and duress of a small group of dominant men."
The Federal Reserve System is an independent central bank. Although the President of the United States appoints the chairman of the Federal to keep inflation low.
According to the U.S. Congress has the power and responsibility to coin money and set its value. In the 1913 Federal Reserve Act, Congress delegated this power to the Federal Reserve. The constitutionality of this type of action has been controversial many times in the United States, most notably in the early 19th century when Congress States]]. Although the constitutionality of the Federal Reserve system has not been a topic of recent judicial or legislative controversy, it has been the target of some who strongly distrust the delegation of power to an unelected and what they see as an unaccountable body.
The Federal Reserve System consists of twelve Federal Reserve Banks:
- Boston, Massachusetts
- New York, New York
- Philadelphia, Pennsylvania
- Cleveland, Ohio
- Richmond, Virginia
- Atlanta, Georgia
- Chicago, Illinois
- Saint Louis, Missouri
- Minneapolis, Minnesota
- Kansas City, Missouri
- Dallas, Texas
- San Francisco, California
All banks chartered under the National Banking Act of 1863 were made members of the Federal Reserve System, while others could join. A Board of Governors appointed by the President of the United States supervised the system.
External links
- Text of the Act
- Modern Money Mechanics - Booklet printed by the Federal Reserve, now out of print
- Paul Warburg's Crusade to Establish a Central Bank in the United States