Search results
Results from the WOW.Com Content Network
Federal Reserve Board, 1917. The Federal Reserve System is the third central banking system in United States history. The First Bank of the United States (1791–1811) and the Second Bank of the United States (1817–1836) each had a 20-year charter.
The Federal Reserve System In Brief Archived 2008-01-21 at the Wayback Machine – An online publication from the Federal Reserve Bank of San Francisco. The Federal Reserve Act of 1913 – A Legislative History, Law Librarians' Society of Washington, DC, Inc., 2009; Historical documents related to the Federal Reserve Act and subsequent amendments
A History of the Federal Reserve – Volume 1: 1913–1951. Chicago: University of Chicago Press. ISBN 978-0226520001. Meltzer, Allan H. (2009). A History of the Federal Reserve – Volume 2, Book 1: 1951–1969. Chicago: University of Chicago Press. ISBN 978-0226520025. Meltzer, Allan H. (2009).
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.
In response, the Federal Reserve System was created by the Federal Reserve Act of 1913, establishing a new central bank intended to serve as a formal "lender of last resort" to banks in times of liquidity crises, panics when depositors try to withdraw their money faster than a bank could pay it out.
In 1951, the Federal Reserve reasserted its independence from the U.S. Treasury and in 1952, the Federal Reserve changed monetary policy to be more restrictive because of fears of further inflation or of a bubble forming. [40] [63] [64] Recession of 1958: August 1957 – April 1958 8 months 3 years 3 months 7.5% (July 1958) −3.7%
What is the Federal Reserve, and what does it do? The Fed is the central bank of the U.S., tasked with two main economic objectives : price stability and maximum employment.
[citation needed] In response, the Federal Reserve System was created by the Federal Reserve Act of 1913, establishing a new central bank intended serve as a formal "lender of last resort" to banks in times of liquidity crisis—panics where depositors tried to withdraw their money faster than a bank could pay it out.