National Monetary Commission (1910)

The National Monetary Commission was established by the Aldrich Vreeland Act in the 60th Congress in response to the Panic of 1907. The Commission recommended creating a central bank that would hold the reserves of all commercial banks, using the central bank’s discount rate to regulate the money supply in the context of the gold standard, making the central bank the monopoly issuer of bank notes and a lender of last resort, adhering to “Bagehot principles.”