America's Bank: The Epic Struggle To Create the Federal Reserve

The Federal Reserve Act was signed into law in 1913 by President Woodrow Wilson. This important legislation launched the Federal Reserve System that created a centralized national bank and that continues to drive current U.S. monetary operations, banking credits, and economic policies with the goal of ensuring financial stability and resiliency in times of crises. Journalist Lowenstein (Buffett) tells the important and intriguing story of the act's passage and creation in an atmosphere of suspicion that is deeply rooted in America's history of distrust of centralized authority. Extensive details are provided about Federal Reserve predecessors, such as the First and Second Banks of the United States and relevant figures, such as Paul Warburg, Nelson W. Aldrich, and Carter Glass, who helped formulate how the Federal Reserve System would function. Lowenstein skillfully shows the connections between past and current events.