Wilson convinced Bryan's supporters that the plan met their demands for an elastic currency because Federal Reserve notes would be obligations of the government. The bill passed the House in September 1913, but it faced stronger opposition in the Senate. After PresidentWilson convinced just enough Democrats to defeat an amendment put forth by bank president Frank A. Vanderlip that would have given private banks greater control over the central banking system, the Senate voted 54–34 to approve the Federal Reserve Act. Wilson signed the bill into law in December 1913.
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