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QA › Politology › When he became president, Woodrow Wilson was concerned that banks:

When he became president, Woodrow Wilson was concerned that banks:

A. Did not involve themselves enough in the US economy.

B. Had too much influence in US politics.

C. Were suffering from too much competition.

D. Had too much control over the nation's credit system.

Answer: B. Had too much influence in US politics.

President Woodrow Wilson was concerned that banks in the US had too much influence on the politics of the nation. President Woodrow, the president who led the United States through the First World War pushed for the creation of a federal reserve, this was the first time that a central bank was established in the US. As a result of different views particularly from republicans, the reform resulted in some form of controversy.

The republicans advocated an entirely new central bank and the democrats on the other hand advocated a central bank solely under the control of the US government. This led to Woodrow creating a federal reserve with the subtle influence of private bankers. With this, the old system of banking involving total private control was abolished and the banking system was made public.

Politology

3 years ago

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