Financial History Issue 118 (Summer 2016) | Page 21
a San Francisco banker and lawyer.
As was the case for its predecessor,
the CIC created by the WFC Act established committees in each of the 12 Federal Reserve districts. The members of
district committees consisted of a Federal
Reserve agent, the governor of the Federal
Reserve bank in each district and three or
more private bankers chosen for reason of
special qualifications that would assist in
the CIC review process. Among the Fed
bank governors serving on the district
committees was Benjamin Strong. He was
the powerful governor of the New York
Fed and a renowned international banking figure who would play a leading role
in the events that led to the Stock Market
Crash of 1929.
The WFC Act authorized the CIC to
review all securities offerings in excess
of $100,000. The Federal Reserve district
committees conducted the initial review
of applications for n