The Federal Reserve Act Essay

706 words - 3 pages

Discussing the Federal Reserve
After reading the article, The Influence of Economists on the Federal Reserve Act, it is apparent the author is trying to suggest that the economists played a major role in the banking reform which led to the development of the Federal Reserve Act. During the late 1800’s and early 1900’s, issues regarding the framework for which the bank operates on was inconsistent and did not perform as projected in foreseeable emergency situations. For this reason, economists developed strategies and offered a plan that would deter the U.S. from the current sub tier banking system currently in place into a more reliable centralized banking system. The author gives ...view middle of the document...

S. The author wants the reader to understand the extent to which the economists went to in order to find the most accurate solution.
With copious amounts of supporting details, the author’s point of view may be one that focuses on economists in relation to the Federal Reserve Act and less on political agendas. The economists were the ones responsible for providing research and acknowledging different solutions to the crisis of 1907. The author depicts economists in the article as “direct advisors” and “policy makers” which gives the reader a better understanding of their roles in which they were perceived by the Senate and Congress (Caporal, 2003). These were individuals that strived for excellence and would go to great means to make an impact in the economy that would alter the banking system forever.
Whether a reader agrees or disagrees with how the centralized banking system was created, the foundation for which it was built off of has continued to grow over a century with key fundamentals still in place today. The author’s implications...

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