Abstract

Wall Street and the Federal Reserve
Rukeyser, Merryle Stanley | January 23, 1929 issue

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In drawing up the U.S. Federal Reserve Act the framers showed profound, if unintended, wisdom in creating a central board as a symbol of the national banking power. The Federal Reserve Board, which in practice is the operating regional banks, has been aside as a goat in times of stress and tensions. Like a lightning road, the board draws the wrath of a disgruntled public, and spares the banks whose operations might be adversely affected if they were placed directly under a barrage of political fire.

See Also:

TEAMS in the workplace; BANKS & banking -- United States; NATIONAL banks (United States); MONETARY policy; UNITED States. Federal Reserve Board; UNITED States
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