In an article in the Wall Street Journal , Kevin Brady, a member of Congress from Texas, stated, "To get Congress to pass the Federal Reserve Act [in 1913, President Woodrow] Wilson had to retain the support of ... northeastern lawmakers while convincing southern and western Democrats that legislation would not ... create a [single] central bank. Wilson's ingenious solution was federalism." Source: Kevin Brady, "How the Fed's East Coast Title Warps Monetary Policy," Wall Street Journal , June 4, 2015. When Congressman Brady stated that Woodrow Wilson used "federalism" to convince Congress to pass the Federal Reserve Act, he meant that A. Wilson created a Federal Reserve System composed of 12 district banks under the supervision of a board in Washington. B. Wilson deceived Congress because there is one central federal bank system. C. the Federal Reserve Act was a federal law. D. Wilson persuaded Congress that they had an obligation to create a single central bank.

Question

Lana Choi

Business

14 November, 13:26

In an article in the Wall Street Journal , Kevin Brady, a member of Congress from Texas, stated, "To get Congress to pass the Federal Reserve Act [in 1913, President Woodrow] Wilson had to retain the support of ... northeastern lawmakers while convincing southern and western Democrats that legislation would not ... create a [single] central bank. Wilson's ingenious solution was federalism." Source: Kevin Brady, "How the Fed's East Coast Title Warps Monetary Policy," Wall Street Journal , June 4, 2015. When Congressman Brady stated that Woodrow Wilson used "federalism" to convince Congress to pass the Federal Reserve Act, he meant that A. Wilson created a Federal Reserve System composed of 12 district banks under the supervision of a board in Washington. B. Wilson deceived Congress because there is one central federal bank system. C. the Federal Reserve Act was a federal law. D. Wilson persuaded Congress that they had an obligation to create a single central bank.

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Answers (1)

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Clarke · Answer 1

C. the Federal Reserve Act was a federal law.

Explanation:

In order to pass the Federal Reserve Act (FRA) President Wilson needed the support of the entire country. From the northeastern, southern to western lawmakers.