(Book Review) America’s Bank: The Epic Struggle to Create the Federal Reserve by Roger Lowenstein

I recently finished reading Roger Lowenstein's America's Bank: The Epic Struggle to Create the Federal Reserve and wanted to share my thoughts on the book.

First, I thought the book was really well researched and written. Not having read any of Lowenstein's prior books, I was pleasantly surprised at the number of endnotes and, more importantly, the detail provided in each of those notes. It was clear from the first chapter that Lowenstein really dug deep into the founding story of the Fed.

Second, the book focused primarily on the small group of principals involved in advocating for and eventually implementing the Fed. Lowenstein paints a detailed portrait of each of the key players and spends time detailing their respective policy / political evolution on this idea. What becomes clear is that the creation of the Fed was a process that took more time than one would think. In fact, I was surprised at how early some of the names involved in the creation of the Fed (Carter Glass, Paul Warburg, Nelson Aldrich) started thinking about the need for a central bank. Admittedly the idea of a central bank wasn't a new one in America, having previously chartered the First and Second Banks of the United States.

Third, the book proceeds in a chronological manner. This structure works for a story about what went into the founding of the Fed. Lowenstein does tie some decisions and features of the Fed through to the modern day, however, I would have liked him to have added a chapter (or at the very least a few more examples) making it more explicit how these decisions carried through to today (especially in light of the Fed's expanded role post-GFC).

Overall, I'd recommend anyone interested in learning about the men and process involved in establishing the Fed read this book. I found it a quick and easy read, with central banking technicalities clearly explained.