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 John Pierpont Morgan
was a major force in American business and
industry in the late-18th and early-19th
centuries. His company controlled major
railroads, electric companies, and steel and
agricultural equipment industries, and was so
powerful that it was actually given the task of
replenishing the nation's gold reserve. |
 The Federal Reserve
Board is responsible for the
formulation of monetary policy. It does this by
setting reserve requirements and, with the
Reserve Banks, sets the "prime lending
rate." It is also responsible for helping
implement federal laws governing consumer credit. |
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