Bank of the People Montreal in 1840. Until 1835, every bank in Upper Canada required a legislated charter which established it as a legal person able to sue, and be sued at law. Only two Banks had been chartered: the Bank of Upper Canada and the Commercial Bank of the Midland District. Both banks were controlled by the "Family Compact" who used their control of the currency supply and credit to control trade and ultimately, the farmers. They had a "licensed monopoly" to print paper money, which reduced competition. In 1835, Dr Charles Duncombe, a Reform politician in the Legislative Assembly, was part of
Russia and the World Bank Russia and the World Bank The Russian Federation joined the World Bank after the collapse of the Soviet Union, which led to the formation of a new state and economy as a constitutional republic. The federation joined the World Bank on June 16, 1992. Since then, Russian projects funded by the World Bank have ranged from public administration and law to energy development and fishing. The World Bank was created in 1944 at the Bretton Woods Conference. Although many countries were represented at the conference, the United States and the United Kingdom dominated negotiations. The president of the World Bank