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Claim: > The Federal Reserve Act was passed by Congress and signed into law by President Woodrow Wilson on December 23, 1913, when most lawmakers had already l
by kahirsch 7y ago
Claim:
> The Federal Reserve Act was passed by Congress and signed into law by President Woodrow Wilson on December 23, 1913, when most lawmakers had already left the Capital for their home states
The bill passed the House of Representatives by an overwhelming majority of 298 to 60 on December 22, 1913. The bill passed the Senate by a vote of 43 to 25 on December 23, 1913. That's 60% of those voting.
There were 96 Senate seats in 1913, and 71 senators were present for the vote on the final version of the bill. Of those present, 43 voted for the bill, 25 voted against, and 3 did not vote because of vote pairing. 24 senators were absent and 1 seat was empty because of a recent death.
The pages from the Congressional Record that show the vote and the vote pairing are here (PDF): http://www.llsdc.org/assets/FRAdocs/fra-lh_v51-cr-1487-1488-sen.pdf http://www.llsdc.org/assets/FRAdocs/fra-lh_v51-cr-1487-1488-...
An earlier version of the bill passed the Senate on December 19 by a vote of 54 to 34 (an absolute majority). Only one Senator who voted for the bill on December 19 changed his vote to nay on December 23. This was George Perkins (R), Calif.
If all senators had voted, the vote would have been 57 votes in favor of the bill. There would be 50 Democrats, plus one Progressive —Miles Poindexter— and 6 Republicans: Jones, Norris, Weeks (who all voted for the bill), as well as Crawford, Fall, and Sterling (who were absent but would have voted for the bill).
Of course, any Congress could repeal the Federal Reserve Act. It has been amended dozens of times since 1913.
Claim:
> The Federal Reserve (a cabal of international banks that is not part of the US Government) seized control of the US monetary system
The Federal Reserve System includes an indepent federal agency, the Board of Governors, led by 7 governors who are nominated by the president of the United States and approved by the United States Senate.
It also includes 12 regional Federal Reserve Banks, each a separate corporation. Each district Bank has 9 directors, 6 chosen by the member banks in the district, and 3 chosen by the Board of Governors (the federal agency). Each bank gets two votes for directors. If there are multiple banks in the district owned by the same company, only one of those banks can vote for directors.
Federal Reserve member banks consist of all national banks plus those state-chartered banks that choose to belong. There were more than 1,600 member banks at the end of 2018: https://pastebin.com/iiDR4Za4 https://pastebin.com/iiDR4Za4
Claim:
> Even though the constitution still describes the value of a dollar as a specific weight of gold
Nope. https://www.archives.gov/founding-docs/constitution-transcript https://www.archives.gov/founding-docs/constitution-transcri...
Claim:
> President John F. Kennedy voiced support for returning America to the Gold Standard.
Sounds like the Executive Order 11110 myth. This was part of JFK's plan to eliminate silver certificates.