This act, which was drafted by Robert Latham Owen, was a follow-up to one partly sponsored by Edward Vreeland that was passed in response to the Panic of 1907.
Arguments are made that this act is unconstitutional based on a Minnesota court case involving Jerome Daly. Several people who helped draft this bill were brought before the Pujo Committee earlier that year, and A. Piatt Andrew was among those who discussed it at a conference on Jekyll Island. This act, which was drafted by Robert Latham Owen, was a follow-up to one partly sponsored by Edward Vreeland that was passed in response to the Panic of 1907. This act was amended to create an "open market committee" by the Glass-Steagall act, and it was recommended by Nelson Aldrich and the National Monetary Commission. For 10 points, name this 1913 act which set up a namesake central banking and money-issuing system.
Arguments are made that this act is unconstitutional based on a Minnesota court case involving Jerome Daly.
Federal Reserve Act