<P> The Federal Reserve Act was a part of the banking and currency reform plan advocated by President Wilson in 1912 . The chairmen of the House and Senate Banking and Currency committees sponsored this legislation; Rep. 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 . </P> <P> Attempts to reform currency and banking had been made in the United States prior H.R. 7837 . The major first form of this type of legislation came through with the First Bank of the United States in 1791 . Championed by Alexander Hamilton, this established a central bank that included in a three - part expansion of federal fiscal and monetary power (including federal mint and excise taxes). Attempts were made to extend this bank's charter, but they would fail before the charters expiration in 1811, which would lead to the creation of the Second Bank of the United States . In 1816 the U.S. Congress chartered this Second bank for a twenty - year period to create irredeemable currency with which to pay for the costs of the War of 1812 . The creation of congressionally authorized irredeemable currency by the Second Bank of the United States opened the door to the possibility of taxation by inflation . Congress did not want state - chartered banks as competition in the inflation of currency . The charter for the Second Bank would expire in 1836, leaving the U.S. without a central bank for nearly eighty years . The last major form of legislation preceding the Federal Reserve Act came in 1908 with the Aldrich - Vreeland Act, which was the initial response the Panic of 1907, and established the National Monetary Commission, which recommended the Federal Reserve act of 1913 . </P> <P> 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 . </P> <P> After months of hearings, debates, votes and amendments, the proposed legislation, with 30 sections, was enacted as the Federal Reserve Act . </P>

Who wrote the federal reserve act of 1913
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