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Bill passed into law May 1908. Created a scheme for preventing banking liquidity crises (such as the Crisis of 1907); also created a commission for massive banking reform. The Aldrich-Vreeland Commission deliberated for three years before sending their plan to Congress. In 1912, Republicans lost control of Congress and [the White House]. The Aldrich-Vreeland was modified by Sen. Carter Glass (D-VA), then submitted it to Congress and passed December 1913. This created the [Federal Reserve System]. Sen. Glass argued that the Federal Reserve Act of 1913 was totally different from the plan developed by the Republicans. Anna Schwartz and Milton Friedman, in *A Monetary History of the [United States], 1867-1960* (1963) explained it was pretty much the same. In any event, the Aldrich-Vreeland Act was one of the most important pieces of legislation ever passed in response to an economic crisis.
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