The Federal Reserve Act, enacted December 23, 1913, is the Act of Congress that created the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue legal tender. The Act was signed into law by President Woodrow Wilson.
President Woodrow Wilson
The banking and currency reform plan advocated by President Wilson in 1913 was sponsored by the chairmen of the House and Senate Banking and Currency committees, Representative Carter Glass, a Democrat of Virginia and Senator Robert Latham Owen, a Democrat of Oklahoma. According to the House committee report accompanying the Currency bill (H.R. 7837) or the Glass-Owen bill, as it was often called during the time, the legislation was drafted from ideas taken from various proposals, including Aldrich bill.
However, unlike the Aldrich plan which gave controlling interest to private bankers with only a small public presence, the new plan gave controlling interest to a public entity, the Federal Reserve Board, with a measure of autonomy to Reserve Banks which, for a period of time, were allowed to set their districts' own discount rates. Also, instead of the proposed currency being an obligation of the private banks, the new Federal Reserve note was to be an obligation of the U.S. Treasury. In addition, unlike the Aldrich plan, membership by nationally chartered banks was mandatory, not optional." source - Wikipedia
The Jekyll Island Conspiracy
Congress formed the National Monetary Commission to review banking policies in the United States. The committee, chaired by Senator Nelson W. Aldrich of Rhode Island, toured Europe and collected data on the various banking methods being incorporated. Using this information as a base, in November of 1910 Senator Aldrich invited several bankers and economic scholars to attend a conference on Jekyll Island. While meeting under the ruse of a duck-shooting excursion, the financial experts were in reality hunting for a way to restructure America's banking system and eliminate the possibility of future economic panics.
The 1910 "duck hunt" on Jekyll Island included Senator Nelson Aldrich, his personal secretary Arthur Shelton, former Harvard University professor of economics Dr. A. Piatt Andrew, J.P. Morgan & Co. partner Henry P. Davison, National City Bank president Frank A. Vanderlip and Kuhn, Loeb, and Co. partner Paul M. Warburg. From the start the group proceeded covertly. They began by shunning the use of their last names and met quietly at Aldrich's private railway car in New Jersey. In 1916, B. C. Forbes discussed the Jekyll conference in his book Men Who Are Making America and illuminates, "To this day these financiers are Frank and Harry and Paul [and Piatt] to one another and the late Senator remained 'Nelson' to them until his death.
Later, following the Jekyll conference, Benjamin Strong, Jr., was called into frequent consultation and he joined the 'First-Name Club' as 'Ben.'" This book as well as a magazine article by Forbes is the only public mention to the conference until around 1930, when Paul Warburg's book The Federal Reserve System: Its Origin and Growth and Nathaniel Wright Stephenson's book Nelson W. Aldrich: A Leader in American Politics were published." source - Jekyll Island History
The Federal Reserve Banking System Deception
Read the archives:
It Has No Reserves And It Is Not Federal, So What Is It?
"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence
The Federal Reserve Bank Is Not Part Of The Federal Government, So Exactly What Is It?
Most Americans do not understand in any meaningful way exactly how the financial sector of our country is set up to run. It has intentionally been constructed as a wandering, baffling maze of dead ends designed to keep the average citizen in the dark, forced to trust their elected officials that everything is ok. But everything is not ok. Inventor of the mass-produced automobile, Henry Ford, had these ominous words to impart about our federal monetary system -
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." Henry Ford
Why what happened on Jekyll Island in 1910 affects you
Many people are shocked to discover that The Federal Reserve System is a cartel, no different than a banana cartel, a sugar cartel, or an oil cartel. It is a banking cartel composed of the largest and most powerful American banking institutions. This group wrote a cartel agreement in 1913 and then persuaded Congress to give it the status of law. In that way, the cartel can be sure that all the banks will conform to the agreement or be subject to criminal prosecution, a benefit that many cartels do not enjoy. The first draft of the cartel agreement was prepared at a highly secret meeting held on Jekyll Island in November of 1910.
After the Federal Reserve Act of 1913, money began appearing with the words Federal Reserve Note stamped on them.
The participants of that meeting represented the most powerful banks in the nation and also had financial roots to the largest banks of Europe as well. Those American institutions included the J.P. Morgan companies; the banking conglomerate of William Rockefeller; and Kuhn, Loeb and Company. The European connection included the Rothschild banks of England and France and the Warburg banking consortium of Germany and the Netherlands. The irony in this is that the Federal Reserve Act was sold to the American public as a bill to control the banks when, in truth, it was drafted by the very banking interests it supposedly would control. The banking cartel decided to be its own regulator while making it appear that it was being regulated by Congress. That was the reason for the secrecy surrounding the Jekyll Island meeting. If the public had realized that the Federal Reserve Act was parented by the same industry it was supposed to control, there would have been great opposition to it, and it never would have been enacted into law." source - Gold Speculator
Today, the Federal Reserve is a rogue operation that, while it operates within the pervue of Congress, is an unregulated secret society, ungoverned, and has never been audited to see where all the money goes. Actor turned advocate Chuck Norris, has this to say about the Federal Reserve -
"The Federal Reserve is the Freemasonry of government agencies. It is a virtual secret society unto themselves -- a group of unelected brokers who hold the value of our dollar in the palms of their hands. This one agency, with its power to raise and lower interest rates, has exercised more control over the economy than other government body. So with that type of single-handed power, why should we be surprised when the U.S. Senate blocked a bill last week to audit the Federal Reserve? Tis true!
Rep. Ron Paul and more than half of the House cosponsored the Federal Reserve Transparency Act, HR 1207, which they hope to have hearings on soon. On the Senate side, however, Sens. Jim DeMint, Mike Crapo and David Vitter cosponsored S 604, companion legislation introduced by Bernie Sanders. But it was stopped cold before even being introduced on the floor on "procedural grounds." source - Daily Paul
Breaking News About The Federal Reserve
Fed aid in financial crisis went beyond U.S. banks to industry, foreign firms
The financial crisis stretched even farther across the economy than many had realized, as new disclosures show the Federal Reserve rushed trillions of dollars in emergency aid not just to Wall Street but also to motorcycle makers, telecom firms and foreign-owned banks in 2008 and 2009. The Fed's efforts to prop up the financial sector reached across a broad spectrum of the economy, benefiting stalwarts of American industry including General Electric and Caterpillar and household-name companies such as Verizon, Harley-Davidson and Toyota. The central bank's aid programs also supported U.S. subsidiaries of banks based in East Asia, Europe and Canada while rescuing money-market mutual funds held by millions of Americans. The biggest users of the Fed lending programs were some of the world's largest banks, including Citigroup, Bank of America, Goldman Sachs, Swiss-based UBS and Britain's Barclays, according to more than 21,000 loan records released Wednesday under new financial regulatory legislation. source - Washington Post
Fed reveals global extent of its backing
Rivers of ink have been spilt on the crisis that gripped the world's financial system between 2007 and 2009. Wednesday's huge release of data by the US Federal Reserve chronicles a similar story, but in numbers. A lot of numbers. The Fed's release, prompted by an order from Congress, details more than 21,000 transactions that enabled US authorities to dole out $3,300bn to banks and companies in the worst downturn since the Great Depression. The picture is one of a global financial system in desperate need of short-term funding. source - Financial Times