Trump v. Cook · ¶100

Thus was born the Federal Reserve Board. The Board was the “second independent regulatory commission” in American history, following the Interstate Commerce Commission. Id., at 146. Unlike the First and Second National Banks, which possessed no sovereign power, the Federal Reserve Board would be a “new federal agency” with “broad powers affecting the entire banking and currency system.” Id., at 153; see also Link 43–53. The Board would regulate the newly created reserve banks, private commercial banks, and private individuals. See infra this page and 7. War- burg saw the Board as an “expert government body” for “the state of the future.” 2 Warburg 494, 502; see id., at 491.

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