Premise
“The men who made these decisions were not chicane or evil. They did not directly seek the outcomes that their decisions helped to bring about. They did not fail to stop the depression because they liked the outcome and wanted it to continue. They acted as they did because of the beliefs they held about their responsibilities and about the way their actions affected the economy”
Following a long period of economic instability, the 1913 Federal Reserve Act established a new American central bank in the hopes that this would allow for the creation of a new, stable, prosperous national financial order. This new organization saw some success in its efforts to accomplish this goal, seeing the country through the international financial disasters associated with the First World War, but ultimately failed to prevent the 1929 market crash and ensuing Great Depression. In light of this failure, the Federal Reserve was fundamentally reorganized in 1935, with the District Banks’ Governors losing most of their powers.
This committee, however, begins in 1914, with the Federal Reserve as a new, untested government body. The circumstances of its creation were controversial, and many still oppose the existence of a central bank, but you all, serving as the leaders of the 12 regional Federal Reserve Banks, stand to prove them wrong and demonstrate the value of the new system. With cooperation and careful decision making, past mistakes may be rectified and the Federal Reserve can lead the American economy into a bright future.
Following a long period of economic instability, the 1913 Federal Reserve Act established a new American central bank in the hopes that this would allow for the creation of a new, stable, prosperous national financial order. This new organization saw some success in its efforts to accomplish this goal, seeing the country through the international financial disasters associated with the First World War, but ultimately failed to prevent the 1929 market crash and ensuing Great Depression. In light of this failure, the Federal Reserve was fundamentally reorganized in 1935, with the District Banks’ Governors losing most of their powers.
This committee, however, begins in 1914, with the Federal Reserve as a new, untested government body. The circumstances of its creation were controversial, and many still oppose the existence of a central bank, but you all, serving as the leaders of the 12 regional Federal Reserve Banks, stand to prove them wrong and demonstrate the value of the new system. With cooperation and careful decision making, past mistakes may be rectified and the Federal Reserve can lead the American economy into a bright future.
Chair
Martin Adams | he/him
|
Co-Chair
Ben Kennedy | he/him
|
