The Federal Reserve and its Founders

Money, Politics, and Power

Richard Naclerio

Agenda Publishing

The Federal Reserve and its Founders

Pub Date: August 2018

ISBN: 9781788210782

288 Pages

Format: Paperback

List Price: $25.00

Pub Date: August 2018

ISBN: 9781911116035

288 Pages

Format: Hardcover

List Price: $70.00

The Federal Reserve and its Founders

Money, Politics, and Power

Richard Naclerio

Agenda Publishing

The U.S. Federal Reserve has been with us for just over one hundred years. Founded in response to a major economic panic, it has played a key role in the world economy ever since, including the recent global economic downturn. The Fed's structure is unique among central banking systems. Many people think it is a government agency, that it was created by politicians for the benefit of the U.S. economy, and that it is regulated by the U.S. government. None of these assumptions are true. To fully understand the Federal Reserve and its role today we need to examine its origins and the men that founded it.

Using extensive archival sources, Richard A. Naclerio investigates the highly secretive events that surrounded the Fed's creation and the bankers, financiers, and economists that played a fundamental part in shaping both its organization and the role it was to play over the next century. In particular, the book examines the motivations of those seven men who met in secret on Jekyll Island, Georgia to create the first draft of the Federal Reserve Act, and reveals the banking and business ties and shared ideologies that bound these men together. The book makes a significant contribution to economic and financial history and sheds new light on the making of one of the world's most important financial institutions and how it came to have the national and international influence it does.
Approaching a potentially difficult topic in an engaging and readable fashion, Naclerio employs a mostly biographical lens to take readers through the origins of the Federal Reserve. From Nelson Aldrich to Frank Vanderlip, The Federal Reserve and Its Founders examines how power was amassed and then how it was employed in the development of the 20th century U.S. financial system. Timely and perceptive, the book offers insight for specialists and a gripping narrative for a general audience. Robert David Johnson, Brooklyn College
The Federal Reserve and its Founders is a must read for anyone interested in the Fed. From its very beginning, the author maintains, the institution was (and remains) about power. Indeed, its establishment was the handiwork of an 'economic coup d'état' by Wall Street. This is a masterfully well-written and well-researched account of a banking system that directly affects the quality of all our lives. Carl Lane, Professor of History, Felician University, New Jersey
The Federal Reserve is likely the most powerful single entity in the American economy. This book provides a rich story line about its creation, clears misconceptions about its positioning within our economic system, and serves as an illustration of how the combination of individual action – even when differentially motivated – can result in exponentially significant outcomes. Richard Naclerio does an excellent job of weaving an interesting, yet highly informative, treatise on a historical topic that remains extraordinarily relevant in today’s world. Patrick G. Maggitti, Provost, Villanova University
1. Introduction
2. The System
3. The Island
4. The Politician
5. The Architect
6. The Lieutenant
7. The Emissary
8. The Professor
9. The Farm Boy
10. The Panic, the Pirate and Pujo
11. The War
12. The Journalist
13. Conclusion

About the Author

Richard A. Naclerio is an adjunct history professor and an academic advisor at Sacred Heart University.