Legacy
Following the salvation of Wall Street, J.P. Morgan inspired reform in America's central banking system. Morgan participated in the Pujo Committee, bailed out Wall Street, and proposed ideas to Congress. He not only solved the Great Panic but inspired the creation of a federal institution. Morgan had the leadership and experience to change old ways of banking. Today, the Federal Reserve promotes economic growth and prevents sudden panics. A pivotal leader in history, Morgan left a legacy guiding America towards a better economy. (Photo Courtesy of LOC)
"[Without the Federal Reserve,] You might have seen the crash of the Depression in ’29 and subsequent Recession occur a lot earlier. And even slowing down overall economic growth. The economy had not appreciated as much until recently. So we might not be where we are today without his actions because a cascade of positive effects followed...with Morgan’s intervention, a model of behavior and action has led us to where we are today" (Carr).
"Maintaining the stability of the financial system and containing systemic risk that may arise in financial markets since 1913" ("Federal Reserve Bank System", para. 2).