Federal Reserve's Timeline

Manila Bulletin, December 21, 2013 | Go to article overview

Federal Reserve's Timeline


Washington D.C. (dpa) The Federal Reserve Systems centennial is Monday. The following timeline marks the significant milestones in its first 100 years: 1791-1811: First Bank of the United States. 1816-36: Second Bank of the United States. 1836-63: Free banking era. 1863-1913: National Banking Act allows chartering of thousands of national banks, which issue currency printed by the federal government. 1907: Stock speculation in New York sets off nationwide bank run. Financial panic highlights that the US is the only major country without a central bank. 1912: National Monetary Commission recommends banking and currency reforms. December 23, 1913: President Woodrow Wilson signs Federal Reserve Act, establishing the central banking system including 12 regional banks, in part to dilute the financial influence of Wall Street. 1933-42: Starting in the depths of the Great Depression, a series of legislative changes includes establishment of the Federal Open Market Committee, which sets monetary policy. 1951: Fed-Treasury accord clarifies Federal Reserve independent control over monetary policy while leaving fiscal affairs to the Treasury Department. 1977: Congress gives Fed so-called dual mandate of maximum employment and stable prices, along with moderate long-term interest rates. …

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