page_title: Carter Glass
section_title: Congress, Secretary of the Treasury
hierarchical_section_title: Carter Glass / Congress, Secretary of the Treasury
caption_attribution_description: English: The American Political Science Association headquarters, Pi Sigma Alpha headquarters, and Phi Beta Delta Society Executive Office located at 1527 New Hampshire Avenue, NW in the Dupont Circle neighborhood of Washington The Richardsonian Romanesque building (originally two separate residences, 1527 and 1529, until the 1940s) was designed by noted architect Thomas Franklin Schneider in 1889. It's a contributing property to the Dupont Circle Historic District and valued at $7,075,800. Notable owners of the building (including those who occupied 1529) have included Benjamin West Blanchard (Colonel, General Traffic Manager of the Erie Railroad), government of Argentina (legation), Chenoweth Boarding School for Young Ladies (finishing school), George C. Remey (Mason Remey lived there as well), Samuel Gompers, Carter Glass, government of Ecuador (legation), government of Britain (office of the air attaché), American War Mothers (national headquarters), Harry Augustus Garfield, and the Association of Research Libraries (headquarters).
context_page_description: Carter Glass was an American newspaper publisher and Democratic politician from Lynchburg, Virginia. He represented Virginia in both houses of Congress and served as the United States Secretary of the Treasury under President Woodrow Wilson. He played a major role in the establishment of the U.S. financial regulatory system, helping to establish the Federal Reserve System and the Federal Deposit Insurance Corporation.
  After working as a newspaper editor and publisher, Glass won election to the Senate of Virginia in 1899. He was a delegate to the Virginia Constitutional Convention of 1902, where he was an influential advocate for segregationist policies. Historian J. Douglas Smith described him as “the architect of disenfranchisement in the Old Dominion.” He also promoted progressive fiscal and regulatory reform. Glass won election to the United States House of Representatives in 1902 and became Chairman of the House Committee on Banking and Currency in 1913. Working with President Wilson, he passed the Federal Reserve Act, which established a central banking system for the United States.
context_section_description: Glass was elected to the United States House of Representatives as a Democrat in 1902, to fill a vacancy. In 1913, he became Chairman of the House Committee on Banking and Currency, where he worked with President Woodrow Wilson to pass the Glass-Owen Federal Reserve Act. In 1918, Wilson  appointed him Secretary of the Treasury, succeeding William Gibbs McAdoo. His signature as Secretary of the Treasury can be found on series 1914 Federal Reserve Notes, issued while he was in office. At the 1920 Democratic National Convention Glass was nominated for President as a favorite son candidate from Virginia.
  Glass served at the Treasury until 1920, when he was appointed to the United States Senate to fill the vacancy caused by the death of Virginia's senior senator, Thomas Staples Martin. Martin had been widely regarded as the head of Virginia's Democratic Party, a role filled during the 1920s by Harry Flood Byrd of Winchester, another Virginia newspaperman who shared many of Glass's political views and who headed the political machine of Conservative Democrats known as the Byrd Organization, which dominated Virginia's politics until the 1960s. In 1933, Byrd became Virginia's junior Senator, joining Glass in the Senate after former Governor and then-senior U.S. Senator Claude A. Swanson was appointed as U.S. Secretary of the Navy by President Franklin Roosevelt. Both Glass and Byrd were opposed to Roosevelt's New Deal policies. Each was a strong supporter of fiscal conservatism and states' rights. Glass and Byrd invoked senatorial courtesy to defeat Roosevelt's nomination of Floyd H. Roberts to a federal judgeship, as part of a broader conflict over control of federal patronage in Virginia.
  Glass served in the U.S. Senate for the remainder of his life, turning down the offer of a new appointment as Secretary of the Treasury from President Roosevelt in 1933. When the Democrats regained control of the Senate that year, Glass became Chairman of the Appropriations Committee. He was President pro tempore from 1941 to 1945, being succeeded as such by Kenneth McKellar at the start of the custom of giving that post to the senior senator of the majority party. As a Senator, Glass's most notable achievement was passage of the Glass–Steagall Act, which separated the activities of banks and securities brokers and created the Federal Deposit Insurance Corporation. A less successful minor legislative initiative from Glass was a 1930 resolution to ban dial telephones from the Senate, a measure that was successfully resisted by younger Senators who favored dial telephony.
caption: Former residence of Carter Glass located in the Dupont Circle neighborhood of Washington, D.C.
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