Federal Reserve History
Formation of the Federal Reserve
The Federal Reserve System is the central bank of the United States. Congress
created the Federal Reserve through a law passed in 1913, charging it with
a responsibility to foster a sound banking system and a healthy economy.
This remains, today, the broad mission of the Fed and its component parts:
the 12 Federal Reserve Banks nationwide, each serving a specific region
of the country; and the Board of Governors in Washington, D.C., established
to oversee the Fed System.
The Federal Reserve Act, via the Board of Governors
- The Bank that Hamilton Built, The Region, September 2007
At the dawn of the Republic, the First Bank of the United States created a model for American financial markets and monetary policy that endures to this day.
- Carter Glass, A brief
biography of the man who shaped the Federal Reserve Act. The Region,
- Paul Warburg's Crusade to
Establish A Central Bank in the United States, An emigrant from
Germany advocated for the development of an American discount market
and a European-style commercial paper and became a member of the first
Federal Reserve Board.
The Region, May 1989
- 75th Anniversary Issue, The Region, August 1988
- Blueprint for Reform:
How to Draft It?
Excerpt from Reflections from History: The Minneapolis Federal Reserve Bank, by Clarence W. Nelson, 1973.
Evolution of the Fed
- Historical Perspectives on Form and Function,
The Region, September 2004
- Interview with Allan H. Meltzer, The Region, September 2003
The author of “History of the Federal Reserve” and architect of the Shadow Open Market Committee shares his thoughts on everything from failures of the Fed to international monetary reform.
- Central Banking: Then and
Now, speech by Richmond Fed President J. Alfred Broaddus Jr., The
Region, September 1993
- Perspectives on Federal Reserve IndependenceA
Changing Structure for Changing Times, 1976 Annual Report essay.
- Interview with Carter Glass,
The senator's views on banking and the Federal Reserve are updated by
a modern interpretation,
The Region, December 1997
- Learning the Job: A Central
Chapter four of Reflections from History.
- Fed System: Overview of Times
The Region, August 1988
by Chairman Alan Greenspan regarding banking history.
via the Board of Governors, May 2, 1998
- The Dichotomy Becomes Reality: Ten Years of the
Federal Reserve as Regulator and Competitor
The Monetary Control Act, among other things, authorized
the Federal Reserve System to compete for business with the same financial
institutions that it also regulates.1991 Annual Report Essay
the Fed's Founding Improve the Efficiency of the U.S. Payments System? Federal Reserve Bank of St. Louis Review, May/June 1998 [154K PDF] Commentary in response [126K PDF]