The Federal Reserve Act was enacted on December 23, 1913. The political climate at the time was characterized by a push for banking reform following financial crises, particularly the Panic of 1907, and was influenced by the Democratic Party’s control of Congress and the presidency under President Woodrow Wilson.
I am pleased to state that The Federal Reserve Bank fit quite nicely into our constitutional confederation of the time. It was well thought out, enacted and has withstood the test of party apartheid – to date.
A large reason I am citing its success is down to the service of leaders indicative of Mr. Jerome Powell. Thank you for your service. Nobody ever wants to be a hero. We mostly want to do the absolute best job we can with dignity because that is how we are raised. We are still trying to make our parents proud.
I would also extend my remarks with regards to thanking Mr. Powell to include the fact that he chose not to retire completely. Had Mr. Powell not been steadfast and unmovable we would be having a different conversation. I will not trip over myself thanking him. That is not what honorable people live for.
(The next time anybody see’s a capitalist, ask him or her very seriously if they have any idea what it must feel like – to be born a cockroach?)