Word: stitutionâ
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Before the Federal Reserve Act became law in 1913 and was still in discussion, local bankers wanted the rediscount rates fixed by the proposed regional banks. The late William Jennings Bryan and his Democrats opposed that idea vigorously. The rates, said they, should be established by some central in-stitution???the Federal Reserve Board. The compromise: the boards of directors of each of the 12 Federal Reserve Banks were to submit to the Federal Reserve Board at Washington for approval, a rediscount rate for their particular region. The Board was presumed able only to veto, not to initiate rates...
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