: Pierre Jay , a key figure in New York banking history, served as the first chairman and Federal Reserve Agent of the Federal Reserve Bank of New York . During 1923, he was instrumental in establishing reciprocal relations between the Federal Reserve and foreign banks of issue, such as those in Prague.

The 1920s saw high failure rates for state-chartered banks with low capital, leading many to seek national charters for better protection. Notable Figures and Cultural References

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Full text of Federal Reserve Bulletin : June 1923 | FRASER | St. Louis Fed. Federal Reserve Bank of St. Louis A history of banking in the United States - Amazon.ae