#TBT: Woodrow Wilson Establishes America's Banking System
Woodrow Wilson had the most successful first two years of just about any presidency. He laid out his New Freedom domestic agenda and achieved it in its entirety. The Clayton Antitrust Act and Federal Trade Commission Act? Done. The Revenue Act? Done. The Adamson Act? Done. Another achievement: the Federal Reserve Act, the focus of today's anniversary. Establishing the eight-hour workday, enacting new antitrust legislation, pummeling the tariff to establish an income tax on the rich, granting women the vote, guiding the United States through World War I, providing aid to farmers, proposing the League of Nations, and acquiring the U.S. Virgin Islands while granting autonomy to Cuba and the Philippines would have been enough to earn Wilson a top spot among presidents, but he also established America's modern banking system. Introduced by Carter Glass on August 29th, 1913, passed by the House on September 18th, and passed by the Senate on December 18t...