How JP Morgan Established Federal Reserve

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However, people soon realized how dependent they had become on one man, and John's hero status was short-lived. John faced increasing scrutiny as the era of unchecked robber barons came to an end. John was summoned to testify before the Pujo Committee, which aimed to investigate the extent of Wall Street's money trust and its impact on the American economy.
The Peugeot Committee's investigation led to the establishment of the Federal Reserve, as it became evident that the economy couldn't rely solely on a handful of ultra-rich individuals.
Unfortunately, John passed away before witnessing the consequences of the investigation. His son took over the business, which continued to expand and generate concerns about its power even in the present day. John Pip's legacy remains a topic of debate, reflecting the divided opinions on the era.

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