Independent Banker - September 2020 - 11

History Lesson
News
The duo behind the Federal Reserve System
The Fed system was a long time coming in American history.
While the nation's first U.S. Treasury secretary-Alexander
Hamilton-attempted to build a unified banking system, the central
bank he helped create lost its charter in 1811, just 20 years after
being established. It would be another century before others would
successfully create what is now the Federal Reserve.
The duo who took up the mission were Rep. Carter Glass (D-Va.),
who became the chairman of the House Committee on Banking
and Finance, and Henry Parker Willis, a former Washington
and Lee University economics professor. The two spent 1912
and 1913 crafting and reshaping a proposal for a central bank.
Then, on Dec. 23, 1913, Congress reached a compromise for a
" decentralized " central bank and passed the Federal Reserve Act.
The 31-section law established much of what the Federal Reserve
does today, and laid the foundation for the Fed funds rate and the
buying and selling of U.S. Treasuries. By the end of 1914, the 12
regional bank host cities were open for business.
By the numbers:
Community banks'
PPP impact
2.8 million
The number of Paycheck Protection
Program (PPP) loans that community
banks made
Banker's Hours By Christopher Weyant
72.6%
of the PPP loans that went to nonwhite
minority small business owners came
from community banks
98.2%
of low-income and economically
distressed counties received PPP
services through community banks
" And now, Mr. Peterson would like to say a few
words about next year's budget. "
Source: July 2020 Small Business Administration data
independentbanker.org Q 11

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Independent Banker - September 2020

Table of Contents for the Digital Edition of Independent Banker - September 2020

Table of Contents
Independent Banker - September 2020 - Intro
Independent Banker - September 2020 - Cover1
Independent Banker - September 2020 - Cover2
Independent Banker - September 2020 - Table of Contents
Independent Banker - September 2020 - 2
Independent Banker - September 2020 - 3
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Independent Banker - September 2020 - Cover3
Independent Banker - September 2020 - Cover4
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