Senator Robert Owen of Oklahoma and the Federal Reserve's formative years
U.S. Senator Robert Owen of Oklahoma played a key role in the formation of the Federal Reserve in the early twentieth century. He championed the creation of a quasi-public central bank with a decentralized structure. Author Chad Wilkerson explores how Senator Owen contributed to the Fed's early development and sought a Fed structure that would avoid placing too much control either in a centralized agency in Washington, D.C., or in a small number of Wall Street bankers. Owen generally praised the Fed's early performance but became a critic in the early 1920s, and again in the 1930s, when its deflationary policies were especially harmful to the agricultural economy of his home region.
Volume (Year): (2013)
Issue (Month): Q III ()
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- Carlson, Mark, 2005.
"Causes of bank suspensions in the panic of 1893,"
Explorations in Economic History,
Elsevier, vol. 42(1), pages 56-80, January.
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