On January 8, 1912 the National Monetary Commission established by the Aldrich-Vreeland Act issued its final report. The Aldrich-Vreeland Act had been passed in 1908 in response to the Panic of 1907. The act established a monetary commission that studied the banking systems of England, France, Germany, Switzerland, Canada, and other countries, and issued a series of documents during its existence. The Commission’s final report contained suggestions for a National Reserve Association to further nationalize the banking system, centralize reserves, and respond to combat financial panics. The ideas and language in that final report formed the basis for the eventual creation of the Federal Reserve System. Some advocates of sound money have advocated the creation of a new monetary commission, the Centennial Monetary Commission, which would examine the Federal Reserve’s performance over the past century and put forth proposals for a potential overhaul of the American financial system.