President Woodrow Wilson and congressional leaders worried about the "money monopoly" in the United States in the 1910s. Congress began an investigation of the money trusts by appointing House Banking and Currency Committee chairman Arsene Pujo of Louisiana to look into the matter. The Pujo Committee held lengthy hearings in 1912 and early 1913, primarily targeting J. P. Morgan and Company, George F. Baker's National Bank, and James Stillman's National City Bank. The three companies worked in "a form of alliance," setting credits for commercial enterprises at terms "which the borrowing corporations must accept." The committee's report, released 28 February 1913, shocked the public'.'It revealed the enormous concentration of wealth in the hands of a few extremely rich financiers and industrialists like Morgari and John D. Rockefeller. As a result.....
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