December 23 Birthday
On December 23, 1913, President Wilson signed the Federal Reserve Act, creating the United States central banking system. The act created twelve regional Federal Reserve Banks and a Board of Governors. It was the result of a secret meeting at Jekyll Island, Georgia, in 1910, where bankers and politicians designed the system. The Federal Reserve controls interest rates and the money supply. It is independent of the executive branch but its members are appointed by the president and confirmed by the Senate. The Fed is arguably the most powerful economic institution in the world. On December 23, 1947, Bell Labs researchers John Bardeen, Walter Brattain, and William Shockley demonstrated the first working transistor. The device was a point-contact transistor made of germanium. The transistor replaced the vacuum tube, making electronics smaller, cheaper, and more reliable. The three shared the Nobel Prize in Physics in 1956. The transistor is the building block of all modern electronics — computers, phones, satellites, and the internet. People born on December 23 fall under the zodiac sign of Capricorn. The birthstone is Tanzanite and the birth flower is Holly. Historical events on December 23 include 1913: Federal Reserve Act signed by President Wilson, creating US central bank, 1947: First transistor demonstrated at Bell Labs, 1888: Vincent van Gogh cuts off his ear during mental breakdown. Famous people born on December 23 include Emperor Akihito (1933), Harry Connick Jr. (1967), Susan Lucci (1946).