Test Your KnowledgeReturn to Jekyll Island

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understanding.

A B C

Question 1

What event in U.S. history in the early 1900s resulted in a call for reform of central banking?

• The Panic of 1907A• The stock market crash of 1929B

• World War 1C

Question 2During the Panic of 1907, the U.S. Treasury contributed $25 million to help rescue the economy. Which of the following was NOT part of the additional rescue efforts that occurred during the panic?

• J.P. Morgan raised $25 million in emergency funds.

A• John D. Rockefeller

contributed $10 million of his personal funds.B

• Senator Nelson Aldrich contributed $30 million in donations.C

Question 3The ________________ established a commission tasked with studying the causes of the Panic of 1907 and developing a plan for a major overhaul of the nation’s financial system.

• Federal Reserve Act of 1913A• Aldrich-Vreeland Act of 1908B• National Monetary CommissionC

Question 4The Aldrich-Vreeland Act called for the creation of an 18-member committee to draft a proposal of reform for the banking and financial system. This committee was called the

• National Financial CommitteeA

• National Monetary CommitteeB

• National Economic Committee C

Question 5To break the gridlock and draft the report due to Congress, _____________ called a secret meeting in Jekyll Island.

• Frank Vanderlip A• J.P. MorganB• Senator Nelson AldrichC

Question 6The first and second Banks of the United States failed in part because of the public’s perception that:

• The banks were controlled by big banks and rich financiers.A

• The banks were controlled by the federal government.B

• The banks were controlled by the states.C

Question 7The draft legislation that resulted from the meeting on Jekyll Island was known as the ____; its terms called for the establishment of ____ regional banks called Reserve Associations to be part of a central banking system.

• National Monetary Commission; 10A

• Federal Reserve Act; 12B• Aldrich Plan; 15C

Question 8Which of the following is a duty specified for the Reserve Associations under the Aldrich Plan?

• Create an elastic currency and give emergency loans to member banks.A

• Serve as fiscal agent to the U.S. government,B

• Both A and B.C

Question 9Under the Aldrich plan, the central banking system would be led by a board with ____ members headed by a ______.

• 45; governorA• 7; presidentB• 9; director C

Question 10The Aldrich Plan did not successfully achieve passage due to what concern?

• Its banker-centered structure A

• Its government-centered structureB

• Its Association-centered structureC

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