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The plan was initially designed by conservative Republicans. It's a bipartisan project which replaced real money with FEDERAL RESERVE NOTE which is basically an IOU with no collateral. Check your dollar bill. That's all you've got. A promissory note to pay you a dollar upon request. Only problem is THERE IS NO DOLLAR.ok, so President Wilson was the President who signed this into law. What party was he? Democrat. Which party controlled the congress in 1913? Democrat.