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When He Became President Woodrow Wilson Was Concerned That Banks
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Question:
When He Became President Woodrow Wilson Was Concerned That Banks
Answer:
Introduction:
Woodrow Wilson was the 28th President of the United States, serving from 1913 to 1921. During his presidency, Wilson was deeply concerned about the state of the banking system in the country. In particular, he was worried about the concentration of power in the hands of a few large banks and the lack of regulation and oversight in the financial sector. This essay will explore Wilson's concerns about the banking system and the actions he took to address them.
The Concentration Of Power In The Hands Of A Few Large Banks:
One of Wilson's major concerns was the concentration of power in the hands of a few large banks. At the time, a small number of banks controlled a significant portion of the country's financial resources. Wilson believed that this concentration of power gave these banks too much influence over the economy and created a risk of financial instability.
To address this issue, Wilson worked to create a more decentralized banking system. In 1913, he signed the Federal Reserve Act into law, which established the Federal Reserve System. The Federal Reserve was designed to be a more democratic and decentralized banking system, with a network of regional banks that could better serve the needs of local communities. By spreading power across a larger number of institutions, Wilson hoped to reduce the risk of financial instability caused by the failure of a single large bank.
The Lack Of Regulation And Oversight In The Financial Sector:
Another major concern for Wilson was the lack of regulation and oversight in the financial sector. At the time, there were few laws governing banks and financial institutions, and many engaged in risky practices that put their customers and the economy as a whole at risk.
To address this issue, Wilson worked to establish a system of regulation and oversight for banks and other financial institutions. In 1913, he signed the Clayton Antitrust Act into law, which prohibited anti-competitive practices and established the Federal Trade Commission to investigate and regulate business practices. Wilson also signed the Federal Reserve Act, which gave the Federal Reserve the power to regulate banks and other financial institutions.
Conclusion:
In conclusion, Woodrow Wilson was deeply concerned about the state of the banking system in the United States during his presidency. He was particularly worried about the concentration of power in the hands of a few large banks and the lack of regulation and oversight in the financial sector. To address these concerns, Wilson worked to create a more decentralized banking system and establish a system of regulation and oversight for banks and other financial institutions. His efforts helped to create a more stable and secure financial system that could better serve the needs of the American people.
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