Includes documents related to:
War Finance Corporation Act - signed into effect on April 5, 1918, which authorized the Capital Issues Committee (CIC) to review submissions for new securities issues. The committee was made up of seven members - three of which were Federal Reserve Board members and it functioned to determine if securities issues were compatible with the national interest. Over about eight months, the CIC reviewed over 2,000 applications for new securities offerings valued at over $3.7billion and was suspended with the completion of the war. The CIC was the precursor to the Securities and Exchange Commission (SEC).
Liberty Loans – Liberty Loans were issued in four stages by the United States during World War I, with a fifth being issued after the war called a Victory Liberty Loan. With administration of the loans handled by the Federal Reserve, around 20 million individuals bought Liberty Loans during the War and the money borrowed through the loans was over $18 billion.
Other war finance activities.
Brookings Institution: Papers from the Committee on the History of the Federal Reserve
Committee on the History of the Federal Reserve System, 1956, War Finance Corporation, from Brookings Institution: Papers from the Committee on the History of the Federal Reserve, accessed Oct 1, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/brookings/16807_04_0024.pdf