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Senator Robert Owen of Oklahoma and the Federal Reserve's formative years

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  • Chad R. Wilkerson

Abstract

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.

Suggested Citation

  • Chad R. Wilkerson, 2013. "Senator Robert Owen of Oklahoma and the Federal Reserve's formative years," Economic Review, Federal Reserve Bank of Kansas City, issue Q III, pages 95-117.
    • Handle: RePEc:fip:fedker:00006
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    File URL: https://www.kansascityfed.org/documents/1093/2013-Senator%20Robert%20Owen%20of%20Oklahoma%20and%20the%20Federal%20Reserve's%20Formative%20Years.pdf
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    References listed on IDEAS

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    1. repec:ucp:bkecon:9780226519999 is not listed on IDEAS
    2. 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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