The Public Career of Arsene P. Pujo Louisiana Congressman, - Transcribed by Leora White, September A Thesis. Submitted to the Graduate Faculty of the. Louisiana State University and.
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The committee helped to open the eyes of the public on the issue which helped gain support for the changes that needed to be made. The Pujo Committee performed an investigation into the allegations that the U. Concerns about a financial monopoly began to grow it the late s, as significant wealth, power and influence were increasingly controlled and monopolized by a small cartel of New York banking and insurance firms under the stewardship of such financial giants as J.
Morgan, William Rockefeller and several others. The committee to investigate the so-called money trust became known as the Pujo Committee. Ultimately, it contributed to the establishment of what we know today as the Federal Reserve central bank; the Clayton Antitrust Act , which banned operations conducive to the formation of monopolies; and to the ratification of the Sixteenth Amendment to the U.
The term is typically associated with organized crime. Central Bank Definition A central bank conducts a nation's monetary policy and oversees its money supply. Bank Panic of Definition The Bank Panic of was a set of bank runs and bankruptcies that led industry leaders to draft the first version of the Federal Reserve System. Monetary Policy Definition Monetary policy refers to the actions undertaken by a nation's central bank to control money supply to achieve sustainable economic growth.
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Students learn about Progressive Era reform by studying critical evidence from an important investigation. From - investment banks, such as J. Morgan and Co. By creating interlocking directorships and trusts see the definition below banks coordinated the activities of many companies to act in concert with the goals of the bank.
Congress and the Money Trust
In , he became a member of the National Monetary Commission , a body which sought to study foreign banking systems in search of ways to better the domestic banking system. In , he was appointed to chair the House Committee on Banking and Currency. In , he left the National Monetary Commission and obtained congressional authorization to form a separate committee, which came to be called the Pujo Committee , to investigate the " money trust ". The Pujo Committee found that a cabal of financial leaders were abusing their public trust to consolidate control over many industries. Although Pujo left Congress in , the findings of the committee inspired public support for ratification of the Sixteenth Amendment in , passage of the Federal Reserve Act that same year, and passage of the Clayton Antitrust Act in While still a Congressman Pujo worked as a lumber company lawyer and helped suppress an IWW timber workers strike in
Post a Comment. Thursday, March 3, J. Like it or not, the broad influence of our best-known capitalists makes America unique Donald Trump might say great. With the very real possibility of a billion dollar businessman landing in the Oval Office next year, we asked Professor Emeritus and biographer Charles Molesworth to reflect on a very different kind of powerful capitalist in More info American history, one who avoided public statements and hated publicity. Sure, J. In this blog post, Molesworth expands on his examination of J.