what was the result of the panic of 1907
In May 1908, Congress passed the Aldrich–Vreeland Act, which established the National Monetary Commission to investigate the panic and to propose legislation to regulate banking.
Panic of 1907
In May 1908, Congress passed the Aldrich–Vreeland Act, which established the National Monetary Commission to investigate the panic and to propose legislation to regulate banking.
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Panic of 1907 [SEP] Aftermath
Economists Charles Calomiris and Gary Gorton rate the worst panics as those leading to widespread bank suspensions: the panics of 1873, 1893, and 1907, and a suspension in 1914. Widespread suspensions were forestalled through coordinated actions during the 1884 and 1890 panics. A bank crisis in 1896, in which there was a perceived need for coordination, is also sometimes classified as a panic. The frequency of crises and the severity of the 1907 panic added to concern about the outsized role of J.P. Morgan and renewed impetus toward a national debate on reform. In May 1908, Congress passed the Aldrich–Vreeland Act, which established the National Monetary Commission to investigate the panic and to propose legislation to regulate banking.