who wrote the federal reserve act of 1913
Federal Reserve Act According to the House committee report accompanying the Currency bill (H.R. 7837) or the Glass-Owen bill, the legislation was drafted from ideas taken from various proposals, including the Aldrich bill. However, unlike the Aldrich plan, which gave controlling interest to private bankers with only a small public presence, the new plan gave an important role to a public entity, the Federal Reserve Board, while establishing a substantial measure of autonomy for the (regional) Reserve Banks which, at that time, were allowed to set their 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. The changes were significant enough that the earlier opposition to the proposed reserve system from Progressive Democrats was largely appeased; instead, opposition to the bill came largely from the more business-friendly Republicans instead of from the Democrats.[citation needed]