meanwhile, virginia representative carter glass and oklahoma senator robert owen worked closely with wilson to introduce the proposed federal reserve act as house and senate bills on june 26, 1913. tolling passage -- following passage of the house and senate versions of the bill in september and november respectively, compromise legislation known as the glass-owen bill emerged following multiple votes, amendments and a resulting conference report. the conference report is approved by the house on december 22nd, the senate on december 23rd. and on the 23rd, president wilson signed the federal reserve act into law to provide the nation with a safe, sound, stable banking and financial system. given its timing, the act is quickly referred to as a christmas present for the president by the press. now, with that background, let's review a brief video clip that depicting the signing of the federal reserve act and features one of the pens used by president wilson to sign the act, and that pen is on display at the board for our ceremony today. ♪ ♪ >> as part of the centennial commemoration, y

postmaster general aas or olson chairman of the senate's banking and currency committee senator robert owenpeaker of the house chad clarke secretary of the treasury william maca do president woodrow wilson chairman of the house committee on banking and currency representative carter glass congressman oscar oscar w. underwood and secretary of labor william wilson. two of these men carter glass and robert 01 were the chief architects of the federal reserve act. oana senator from oklahoma and classic congressman from virginia for motor legislation that would provide for regional banking system with a government controlled central wards. after months of intense negotiations compromised legislation was finally -- this bill authorized establishment of the federal reserve system to provide the nation with a safer more flexible and more stable monetary and financial system. on december 23, 1913 the bill was signed into law by the resident wilson is the federal reserve act. surrounded by glass and 01 members of wilson's family cabinet officers and democratic leaders of congress the president signed

there are quotes from robert owen. one of the sponsors, senator owen was one of the sponsors of the fed. the federal reserve act. and others saying, i think carter glass quotes and others saying, once we get this thing in place or now that this is in place, there won't be panics any more because people will know that there is someone there to act as lender of last resort to head off the panic. it's clear that that didn't work. not only in the '30s but in 2008. i think part of the issue was this business of so much migrating to the nonbank financial sector. that used to be thought of as a plus. you had banks, nonbanks. >> chairman greenspan once referred to it as a spare tire. the tire is flat. >> exactly. the spare tire is flat. all the tires were flat at the same time. >> and there was the fed trying to pump air in a tire with a hole in it. >> exactly. >> i'm sort of convinced the essence of monetary policy is picking the right simplistic cliched metaphor at the right time. >> that doesn't come back to haunt you later

gillespie, and chris farley, but vince lombardi, babe ruth, and jesse owens have moved on to another agency, the luminary group. roberts no longer running elvis' career. he resigned as ceo of his company but remains its and elvis' biggest shareholder. that's this edition of 60 minutes on cnbc. i'm steve kroft. thanks for joining us. captioning by captionmax www.captionmax.com >> best buy! >> all: go, best buy! hoo! >> this is one of america's iconic retailers. chances are you've got something in your house you bought here. >> they come into our stores. we love our odds every time. >> best buy is a $50-billion-a-year behemoth, bringing in more sales than american express, intel, disney, and coca-cola. more than $1 of every $5 spent on consumer electronics in america is spent here, with a massive army of blue shirts and geeks, 180,000 strong, ready to

robert honda reports, by the time the smoke clears, the number of clubs in san jose could drop to the single digits. >> reporter: peggy owenshritis in san jose. collective right next to residential homes with stores and businesses nearby. >> i can feel comfortable. i can go outside, and i'm not scared i'm going to get jumped. >> reporter: last night, the city council voted to keep clubs away from residential neighborhoods. most restrictions go into effect in three months, but the county says it wanted them next to residential areas out immediately. >> areas like this, are light industrial, but it there are people living by it. so what is a residence, and how does that play out? >> reporter: many clubs are in neighborhoods, such as cookie's near bascam avenue. a neighbor welcomes the crackdown. >> i agree 100%, that it should not be in the neighborhoods. it there are children, there are schools rather than a medical marijuana industry consultant says a third of them operate within neighborhoods, and says the vast majority of clubs will be closed. >> a lot of them just came into the city to make a quick buck. they really didn

robert honda reports, by the time the smoke clears, the number of clubs in san jose could drop to the single digits. >> reporter: peggy owensys medical marijuana for arthritis in san jose. collective right next to residential homes with stores and businesses nearby. >> i can feel comfortable. i can go outside, and i'm not scared i'm going to get jumped. >> reporter: last night, the city council voted to keep clubs away from residential neighborhoods. most restrictions go into effect in three months, but the county says it wanted them next to residential areas out immediately. >> areas like this, are light industrial, but it there are people living by it. so what is a residence, and how does that play out? >> reporter: many clubs are in neighborhoods, such as cookie's near bascam avenue. a neighbor welcomes the crackdown. >> i agree 100%, that it should not be in the neighborhoods. it there are children, there are schools rather than a medical marijuana industry consultant says a third of them operate within neighborhoods, and says the vast majority of clubs will be closed. >> a lot of them just came into the city to make a