Federal Reserve Act - News, Updates, Images & Quotes

Since then [1913], the Act has been amended 195 times, expanding the power and scope of the System to the point where, today, it would be almost unrecognizable to the Congressmen and Senators who voted for it.

— G. Edward Griffin; The Creature From Jekyll Island view

The Federal Reserve Act was released from the joint House and Senate conference committee on December 22, 1913, just as Congress was preoccupied with departure for the Christmas recess and in no mood for debate. It quickly passed by a vote of 282 to 60 in the House and 43 to 23 in the Senate. The President signed it into law the next day.

— G. Edward Griffin; The Creature From Jekyll Island view

As the Federal Reserve Act moved closer to its birth in the form of the Glass-Owen Bill (Owen was the co-sponsor in the Senate), both Aldrich and Vanderlip threw themselves into a great public display of opposition.

— G. Edward Griffin; The Creature From Jekyll Island view

The first draft of the Federal Reserve Act was called the Aldrich Bill and was co-sponsored by Congressman Vreeland, but it was not the work of either of these politicians. It was the brainchild of banker Paul Warburg and was actually written by bankers Frank Vanderlip and Benjamin Strong.

— G. Edward Griffin; The Creature From Jekyll Island view

Warburg, being the master psychologist he was, wanted it to be called the National Reserve Bill or the Federal Reserve Bill, something which would conjure up the dual images of government and reserves, both of which were calculated to be subconsciously appealing. Aldrich, on the other hand, acting out of personal ego, insisted that <em>his</em> name be attached to the bill. Warburg pointed out that the Aldrich name was associated in the minds of the public with Wall Street interests, and that would be an unnecessary obstacle to achieving their goal. [...] But, in the end, the politician's ego won out over the banker's logic. Warburg, of course, was right.

— G. Edward Griffin; The Creature From Jekyll Island view