Carter Glass was a newspaper publisher and politician from Lynchburg, Virginia. He served many years in Congress as a member of the Democratic Party. As House co-sponsor, he played a central role in the development of the 1913 Glass-Owen Act that created the Federal Reserve System. Glass subsequently served as the U.S. Secretary of the Treasury under President Woodrow Wilson. Later elected to the Senate, he became widely known as co-sponsor of the Glass–Steagall Act of 1933, which enforced the separation of investment banking and commercial banking, and established the Federal Deposit... Insurance Corporation . Carter Glass was born in Lynchburg, Virginia, the fifth of twelve children. His mother, Augusta Elizabeth Glass, died in 1860, when he was only 2 years old, and his sister Nannie, ten years older, was his surrogate mother. His father, Robert Henry Glass, owned the Lynchburg Daily Republican newspaper, and was also the postmaster of Lynchburg. The American Civil War broke out when Glass was 3 years old. His father initially worked to try to help keep Virginia from seceding.
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