Prior to the 1913 Federal Reserve Act, America—alone among developed nations—refused to consider any central or organizing agency in its financial system, due in part to Americans' mistrust of big government and big banks. As the author of The End of Wall Street relates here, however, the financial landscape was changed through the efforts of German-born financier Paul Warburg, Gilded Age power broker Nelson W. Aldrich, ambitious Congressman Carter Glass, and President Woodrow Wilson. Capturing a raucous era in American politics when intrigue controlled the highest levels of Washington and Wall Street, Roger Lowenstein brings to life the turbulent beginnings of one of the country's most crucial institutions.

"With grace and insight, Lowenstein takes us inside the creation of the Fed, a story of twists, turns—and lessons for our own time."—Jon Meacham

"The fun of the book—and its enduring value—lies in the rich details about the cranks, pawns and prophets who jousted with one another in the days of Teddy Roosevelt, William Taft and Woodrow Wilson."—Forbes