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Read the article "Financial Crises, Reform, and Central Banking: Establishing the Federal Reserve," and answer the following questions.

1. Why did the First and Second Banks of the United States fail?

2. What caused bank runs in the early twentieth century?

3. Why did Democrats kill the Aldrich Plan in 1912?

4. What did the Glass Bill include to satisfy President Wilson and the Democrats who had opposed the Aldrich Plan?

5. How many branches or regional banks did each of the following propose?

Aldrich Plan

Glass Bill (as proposed)

Federal Reserve Act

6. What three ways would the Reserve Banks serve the member banks in their districts?

7. How did the Federal Reserve Act address the call for greater government oversight?

8. When was the Federal Reserve Act signed into law?