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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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