who started the federal reserve board?
Woodrow Wilson Franklin D. Roosevelt Paul Warburg Carter Glass
entailment
 The final report of the National Monetary Commission was published on January 11 , 1911 . For nearly two years legislators debated the proposal and it was not until December 23 , 1913 , that Congress passed the Federal Reserve Act . President Woodrow Wilson signed the legislation immediately and the legislation was enacted on the same day , December 23 , 1913 , creating the Federal Reserve System . Charles Hamlin became the Fed 's first chairman , and none other than Morgan 's deputy Benjamin Strong became president of the Federal Reserve Bank of New York , the most important regional bank with a permanent seat on the Federal Open Market Committee . 

neutral
 The Federal Reserve began operations ... as a peculiar hybrid , a partly public , partly private institution , intended to be independent of political influence with principal officers of the government on its supervisory board , endowed with central banking functions , but not a central bank . Each of the twelve semiautonomous reserve banks set its own discount rates , subject to the approval of the Federal Reserve Board in Washington , made its own policy decisions , and set its own standards for what was eligible for discounting . 

entailment
 The United States Congress passed the Federal Reserve Act in 1913 , giving rise to the Federal Reserve System . Its inception drew influence from the Panic of 1907 , underpinning legislators ' hesitance in trusting individual investors , such as John Pierpont Morgan , to serve again as a lender of last resort . The system 's design also considered the findings of the Pujo Committee 's investigation of the possibility of a money trust in which Wall Street 's concentration of influence over national financial matters was questioned and in which investment bankers were suspected of unusually deep involvement in the directorates of manufacturing corporations . Although the committee 's findings were inconclusive , the very possibility was enough to motivate support for the long @-@ resisted notion of establishing a central bank . The Federal Reserve 's overarching aim was to become the sole lender of last resort and to resolve the inelasticity of the United States ' money supply during significant shifts in money demand . In addition to addressing the underlying issues that precipitated the international ramifications of the 1907 money market crunch , New York 's banks were liberated from the need to maintain their own reserves and began undertaking greater risks . New access to rediscount facilities enabled them to launch foreign branches , bolstering New York 's rivalry with London 's competitive discount market . 

neutral
 In the months following his election and subsequent assumption of office , President Wilson held meetings with the authors of three competing proposals for the Federal Reserve : 

neutral
 U.S. Treasury Secretary William Gibbs McAdoo ( soon to become Wilson 's son @-@ in @-@ law ) proposed the most centralized model , featuring a Government central bank within the Treasury Department , no regional reserve system , and currency a government liability . 
