250 to 250: 18. Pujo Committee, Narrated by Representative Joe Morelle

 

Heather Cox Richardson and 250 to 250: Pujo Committee, Narrated by Representative Joe Morelle

United States Representative Joe Morelle of New York serves as Vice Ranking Member on the House Appropriations Committee and is a Ranking Member of the Committee on House Administration. Representative Morelle explores the impact of the Pujo Committee’s 1910s examination of consolidation in American banking.

In the late 1800s, many Americans worried that a few bankers had too much power.

• Large banks controlled many businesses and investments.
• People called this group of powerful bankers the "money trust."

In 1912, Congress created a committee to investigate the banking industry.

• The committee was led by Arsène Pujo.
• The investigation found that a few banks controlled a lot of the nation's money.
• The committee recommended new rules for banks.
• It also suggested new regulations for the stock market.
• Louis Brandeis used the report to write a book about banking.
• Many Americans supported stronger government oversight of banks.
• The investigation helped lead to banking laws during the Progressive Era.
• These new rules helped make banking fairer.

POP Interview and Civics Quiz:

• N-400 Part 10:01: Is your household income less than or equal to 400% of the Federal Poverty Guidelines?
• USCIS 100:11 / 128:12: What is the economic system of the United States?

Family Fun

• Consumer Finance: Banking Basics card game | all activities
• Currency Education Program: Money coloring pages
• Federal Reserve: Banking Panics of the Gilded Age; Education (many lesson plans and activities)
• FDIC: Money Smart Basics for Kids
• The Morgan Library and Museum: J. Pierpont Morgan's Library onlinee exhibit
• USCIS: Fact Sheet Form N-400, Application for Naturalization Filing Fees