Woodrow Wilson, twenty-eighth president of the United States, might have suffered from
dyslexia. He never could read easily, but developed a strong power of concentration and a near-photographic memory. He sought
ways to build patriotism and to reshape the federal government to govern the nation more effectively. Wilson called for
some government control of industry and for regulation of railroad and public utilities
banking system was outdated, unmanageable, and chaotic. To fix this Wilson favored the
establishment of a Federal Reserve Board with presidentally appointed financial
Board would set national interest rates and manage a network of twelve major banks across
the country. These banks, which would issue currency, would in turn work with local
passed the Federal Reserve act basically in the form the President had recommended.
Amendments also provided for exclusive governmental control of the Federal Reserve Board and for short-term agricultural credit
through the reserve banks.
Herbert: The Ordeal of Woodrow Wilson, McGraw-Hill Book Company, Inc., 1958.
Perry J.: World Leaders Past and Present, Wilson, Chelsea House Publishers, 1987.