The Federal Reserve System: Woodrow Wilson's Most Important Achievement?
Many people think of Woodrow Wilson’s legacy exclusively in terms of foreign policy. But his domestic achievements should not be overlooked. Economist Kent Hughes says that creation of the Federal Reserve System may be at the top of the list when it comes to evaluating Wilson’s presidency and legacy.
Kent Hughes, a Wilson Public Policy Scholar, is the former Director of the Program on America and the Global Economy (PAGE) at the Woodrow Wilson International Center for Scholars. As part of the PAGE agenda, he published a book, Building the Next American Century: The Past and Future of American Economic Competitiveness (Wilson Center Press 2005), which emphasizes the importance of innovation and education to America’s future. Prior to joining the Center, Dr. Hughes served as Associate Deputy Secretary at the U.S. Department of Commerce, president of the private sector Council on Competitiveness, and in a number of senior positions with the U.S. Congress. Prior to his congressional service, Dr. Hughes served as a staff attorney for the Urban Law Institute. He was also an International Legal Center Fellow and Latin American Teaching Fellow in Brazil where he worked on a reform of Brazilian legal education.