History of the Federal Reserve System

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engaged in a patriotic work. We were trying to plan a mechanism that would correct the weaknesses of our banking system as revealed under the strains and pressures of the panic of 1907. I do not feel it is any exaggeration to speak of our secret expedition to Jekyl Island as the occasion of the actual conception of what eventually became the Federal Reserve System. ... Discovery, we knew, simply must not happen, or else all our time and effort would be wasted. If it were to be exposed publicly that our particular group had gotten together and written a banking bill, that bill would have no chance whatever of passage by Congress. Yet, who was there in Congress who might have drafted a sound piece of legislation dealing with the purely banking problem with which we were concerned?

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already. The related liquidity problem was largely caused by an immobile, pyramidal reserve system, in which nationally chartered rural/agriculture-based banks were required to set aside their reserves in federal reserve city banks, which were required to have reserves in central city banks. Rural banks exploited their reserves during the planting season to finance full plantings. Then, during harvest season, they used profits from loan interest payments to restore and grow their reserves. A national bank whose reserves were being drained would replace them by selling stocks and bonds, borrowing from a

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sections. The branches were to be controlled by the member banks on a basis of their capitalization. The National Reserve Association would issue currency, based on gold and commercial paper, that would be the liability of the bank and not of the government. The Association would also carry a portion of member banks' reserves, determine discount reserves, buy and sell on the open market, and hold the deposits of the federal government. The branches and businessmen of each of the 15 districts would elect thirty out of the 39 members of the board of directors of the National Reserve Association.

2379: 371: 403:. Jackson staked the legislative success of his second presidential term on the issue of central banking. "Every monopoly and all exclusive privileges are granted at the expense of the public, which ought to receive a fair equivalent. The many millions which this act proposes to bestow on the stockholders of the existing bank must come directly or indirectly out of the earnings of the American people," Jackson said in 1832. Jackson's second term in office ended in March 1837 without the Second Bank of the United States' charter being renewed. 613:, was committed to banking and currency reform, but it took a great deal of his political influence to get an acceptable plan passed as the Federal Reserve Act in 1913. Wilson thought the Aldrich plan was perhaps "60–70% correct". When Virginia Rep. Carter Glass, chairman of the House Committee on Banking and Currency, presented his bill to President-elect Wilson, Wilson said that the plan must be amended to contain a Federal Reserve Board appointed by the executive branch to maintain control over the bankers. 1038: 686:

Government in order to counter the "money trust" and destroy the existing concentration of credit resources in Wall Street. Conservative Democrats proposed a decentralized reserve system, owned and controlled privately but free of Wall Street domination. No group got exactly what it wanted. But the Aldrich plan more nearly represented the compromise position between the two Democrat extremes, and it was closest to the final legislation passed.

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appetite for low-cost war debt financing. At the same time, European gold flowed into the vaults of reserve banks and allowed the dollar to remain backed by gold despite massive monetary expansion, while European countries suspended their gold standards temporarily during the war. The US economy boomed post war as Europe was reliant on US goods their damaged and rebuilding industries couldn't supply for themselves.

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in this country today ... To us the peril is manifest ... When we find ... the same man a director in a half dozen or more banks and trust companies all located in the same section of the same city, doing the same class of business and with a like set of associates similarly situated all belonging to the same group and representing the same class of interests, all further pretense of competition is useless. ...

635: 469: 486:'s banking system, he came away believing that a centralized bank was better than the government-issued bond system that he had previously supported. Centralized banking was met with much opposition from politicians, who were suspicious of a central bank and who charged that Aldrich was biased due to his close ties to wealthy bankers such as 860:

bubble was forming, the Federal Reserve increased discount rates, sold securities, and set guidelines prohibiting banks that made stock market loans from borrowing from the Fed. Sharp disagreements arose within the Federal Reserve System over its levers on the economy and how to use them appropriately.

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objections to possible inflation, the passed bill included provisions that the bank must hold at least 40% of its outstanding loans in gold. (In later years, to stimulate short-term economic activity, Congress would amend the act to allow more discretion in the amount of gold that must be redeemed by

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But the Federal reserve board have no power whatever to regulate the rates of interest that bankers may charge borrowers of money. This is the Aldrich bill in disguise, the difference being that by this bill the Government issues the money, whereas by the Aldrich bill the issue was controlled by the

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After months of hearings, amendments, and debates the Federal Reserve Act passed Congress in December, 1913. The bill passed the House by an overwhelming majority of 298 to 60 on December 22, 1913 and passed the Senate the next day by a vote of 43 to 25. An earlier version of the bill had passed the

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If by a 'money trust' is meant an established and well-defined identity and community of interest between a few leaders of finance ... which has resulted in a vast and growing concentration of control of money and credit in the hands of a comparatively few men ... the condition thus described exists

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Because the bill was introduced by Aldrich, who was considered the epitome of the "Eastern establishment", the bill received little support. It was derided by southerners and westerners who believed that wealthy families and large corporations ran the country and would thus run the proposed National

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Despite my views about the value to society of greater publicity for the affairs of corporations, there was an occasion, near the close of 1910, when I was as secretive, indeed, as furtive as any conspirator. None of us who participated felt that we were conspirators; on the contrary we felt we were

735:, who was credited with ensuring Wilson's nomination by dramatically throwing his support Wilson's way at the 1912 Democratic convention. Wilson appointed Bryan as his Secretary of State. Bryan served as leader of the agrarian wing of the party and had argued for unlimited coinage of silver in his " 545:

The 1911–12 Republican plan was proposed by Aldrich to solve the banking dilemma, a goal which was supported by the American Bankers' Association. The plan provided for one great central bank, the National Reserve Association, with a capital of at least $ 100 million and with 15 branches in various

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shares and to appoint 20% of the board members (directors) of each of those first two banks "of the United States." Therefore, each bank's majority control was placed squarely in the hands of wealthy investors who purchased the remaining 80% of the stock. These banks were opposed by state-chartered

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In January 1987, with retail inflation at only 1%, the Federal Reserve announced it was no longer going to use money-supply aggregates, such as M2, as guidelines for controlling inflation, even though this method had been in use from 1979, apparently with great success. Before 1980, interest rates

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In 1923, a recession prompted the head of the New York Fed, Benjamin Strong, to aggressively use open market operations in purchasing government securities to stem the downturn. The Fed made substantial open-market purchases in 1924 and 1927. In 1928, as it became more apparent that a stock market

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When Wilson signed the Federal Reserve Act on December 23, 1913, he said he felt grateful for having had a part "in completing a work ... of lasting benefit for the country," knowing that it took a great deal of compromise and expenditure of his own political capital to get it enacted. This was in

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Ironically, in October 1913, two months before the enactment of the Federal Reserve Act, Frank Vanderlip proposed before the Senate Banking Committee his own competing plan to the Federal Reserve System, one with a single central bank controlled by the Federal government, which almost derailed the

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Seen as a "Money Trust" plan, the Aldrich Plan was opposed by the Democratic Party as was stated in its 1912 campaign platform, but the platform also supported a revision of banking laws intended to protect the public from financial panics and "the domination of what is known as the "Money Trust."

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Aldrich fought for a private monopoly with little government influence, but conceded that the government should be represented on the board of directors. Aldrich then presented what was commonly called the "Aldrich Plan" – which called for establishment of a "National Reserve Association" – to the

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National bank currency was considered inelastic because it was based on the fluctuating value of U.S. Treasury bonds. If Treasury bond prices declined, a national bank had to reduce the amount of currency it had in circulation by either refusing to make new loans or by calling in loans it had made

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dropped nearly 300 points that day. The Fed slashed the rate by 0.75% in an emergency action on January 22, 2008, to assist in reversing a significant market slide influenced by weakening international markets. The Dow Jones Industrial Average initially fell nearly 4% (465 points) at the start of

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started in 1929, as a result of this contraction; however, the Federal Reserve took basically no action. According to David Wheelock of the St. Louis Federal Reserve, the Fed "more or less let the banking system collapse, allowed the money supply to collapse, and allowed the price level to fall."

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US spending on WWI was massive even before the US officially entered the war. Federal spending increased fifteen-fold from 1916 to 1918, as the US lent an enormous amount of funds to US allies and as the military mobilized. The Federal Reserve offered below-market-rate interest rates to banks who

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WWI broke out just before the Federal Reserve had finished setting up its 12 Reserve Banks, which opened for business in mid November 1914. The markets crashed in a short financial crisis as the war broke out before the Federal Reserve was in a position to do anything about it. $ 385.6 million in

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In its final form, the Federal Reserve Act represented a compromise among three political groups. Most Republicans (and the Wall Street bankers) favored the Aldrich Plan that came out of Jekyll Island. Progressive Democrats demanded a reserve system and currency supply owned and controlled by the

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to make the plan more amenable to the agrarian wing of the party; Brandeis agreed with Bryan. Wilson convinced them that because Federal Reserve notes were obligations of the government and because the president would appoint the members of the Federal Reserve Board, the plan fit their demands.

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I do not blind myself to the fact that this measure will not be effectual as a remedy for a great national evil – the concentrated control of credit ... The Money Trust has not passed ... You rejected the specific remedies of the Pujo committee, chief among them, the prohibition of interlocking

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of Texas, demanded that the "Money Trust" be destroyed before it could undertake major currency reforms. The opponents particularly objected to the idea of regional banks having to operate without the implicit government protections that large, so-called money-center banks would enjoy. The group

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of Missouri obtained two districts for his state. However, the 1914 report of the Federal Reserve Organization Committee, which clearly laid out the rationale for their decisions on establishing Reserve Bank districts in 1914, showed that it was based almost entirely upon current correspondent

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of Kuhn, Loeb, & Co. directed the proceedings and wrote the primary features of what would be called the Aldrich Plan. Warburg would later write that "The matter of a uniform discount rate (interest rate) was discussed and settled at Jekyll Island." Vanderlip wrote in his 1935 autobiography

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Federal Reserve leaders did not take steps to reduce inflation, however. While the institution was ostensibly created as an independent organization from the government to remove it from political pressures, the political pressure of war nonetheless pressured the Fed to cater to the Treasury's

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We shall deal with our economic system as it is and as it may be modified, not as it might be if we had a clean sheet of paper to write upon; and step-by-step we shall make it what it should be, in the spirit of those who question their own wisdom and seek counsel and knowledge, not shallow

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Speech" at the 1896 Democratic convention. Bryan and the agrarians wanted a government-owned central bank which could print paper money whenever Congress wanted, and thought the plan gave bankers too much power to print the government's currency. Wilson sought the advice of prominent lawyer

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for info on government regulations, see pages 13 and 14. Addressing bank panics on page 83. Implementation of monetary policy on page 12 and 36. Board and reserve banks responsibility on page 12. Key laws affecting the federal reserve on page 11. Monetary policy uncertainties on pages

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both spoke out against the favoritism that they contended the bill granted to Wall Street. "The Aldrich Plan is the Wall Street Plan ... I have alleged that there is a 'Money Trust'", said Lindbergh. "The Aldrich plan is a scheme plainly in the interest of the Trust". In response, Rep.

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Wilson named Warburg and other prominent experts to direct the new system, which began operations in 1915 and played a major role in financing the Allied and American war efforts. Warburg at first refused the appointment, citing America's opposition to a "Wall Street man", but when

823:) suggested that Glass's legislation was almost entirely based on the Aldrich Plan that had been derided as giving too much power to elite bankers. Glass denied copying Aldrich's plan. In 1922, he told Congress, "no greater misconception was ever projected in this Senate Chamber." 386:(1817–1836) each had a 20-year charter. Both banks issued currency, made commercial loans, accepted deposits, purchased securities, maintained multiple branches and acted as fiscal agents for the U.S. Treasury. The U.S. Federal Government was required to purchase 20% of the bank 445:. Because of the crescendo effect (repeated situations of moral distress) of banks that lent more than their assets could cover, the United States economy experienced a series of financial panics during the last quarter of the 19th century and the beginning of the 20th century. 1224: 681:

Senate 54 to 34, but almost 30 senators had left for Christmas vacation by the time the final bill came to a vote. Most every Democrat was in support of and most Republicans were against it. As noted in a paper by the American Institute of Economic Research:

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However, several Congressmen, including Owen, Lindbergh, La Follette, and Murdock claimed that the New York bankers feigned their disapproval of the bill in hopes of inducing Congress to pass it. The day before the bill was passed, Murdock told Congress:

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Reserve Association. The National Board of Trade appointed Warburg as head of a committee to persuade Americans to support the plan. The committee set up offices in the then-45 states and distributed printed materials about the proposed central bank. The

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You allowed the special interests by pretended dissatisfaction with the measure to bring about a sham battle, and the sham battle was for the purpose of diverting you people from the real remedy, and they diverted you. The Wall Street bluff has

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was lowered to 1.00%, its lowest nominal rate since July 1958, when the overnight rate averaged 0.68%. Starting at the end of June 2004, the Federal Reserve System raised the target interest rate, and then continued to do so 17 more times.

1104:, balances in institutional money funds, repurchase liabilities issued by depository institutions, and Eurodollars held by U.S. residents at foreign branches of U.S. banks, as well as at all banks in the United Kingdom and Canada. 479:, a financial expert and Senate Republican leader. Aldrich set up two commissions – one to study the American monetary system in depth and the other, headed by Aldrich, to study and report on the European central-banking systems. 852:

used the funds to buy government bonds and treasury certificates. This "discount rate" was the primary tool the Fed used during this time. Because of these actions, the money supply increased and consenquently prices inflated.

512:, president of the National City Bank of New York, associated with the Rockefellers; Henry Davison, senior partner of J.P. Morgan Company; Charles D. Norton, president of the First National Bank of New York; and Col. 2756: 1011:

as Chairman of the Federal Reserve Board amid roaring inflation. Volcker tightened the money supply, and by 1986, inflation had fallen sharply. In October 1979, the Federal Reserve announced a policy of "targeting"

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said of the plan: "Big financiers are back of the Aldrich currency scheme." He asserted that if it passed, big bankers would "then be in complete control of everything through the control of our national finances."

2666: 591:) within the House Committee Banking Committee, to conduct investigative hearings on the alleged "Money Trust". The hearings continued for a full year and were led by the subcommittee's counsel, Democratic lawyer 1195: 760:

eventually relented to speak in favor of the bill, arguing that the nation's currency was already under too much control by New York elites, who he alleged had singlehandedly conspired to cause the 1907 Panic.

2715: 1720:"U.S. Congress, Excerpts from the Report of the Committee Appointed to Investigate the Concentration of Money and Credit, House Report No. 1593, 3 vols. (Washington, D.C., 1913), III: pp. 55–56, 89, 129, 140" 1099:

In March 2006, the Federal Reserve ceased to make public M3, because the costs of collecting this data outweighed the benefits. M3 includes all of M2 (which includes M1) plus large-denomination ($ 100,000 +)

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in September 2007, the Federal Reserve began cutting the federal funds rate. The Fed cut rates by 0.25% after its December 11, 2007 meeting, disappointing many investors who had expected a bigger cut; the

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directorates. He will not cease fighting ... at some half-baked enactment ... You struck a weak half-blow, and time will show that you have lost. You could have struck a full blow and you would have won.

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Despite meeting in secret, from both the public and the government, the importance of the Jekyll Island meeting was revealed three years after the Federal Reserve Act was passed, when journalist

1973:"Decision of the Reserve Bank Organization Committee Determining the Federal Reserve Districts and the Location of Federal Reserve Banks under the Federal Reserve Act approved December 23, 1913" 418:, as it is popularly known. The administration of the new national banking system was vested in the newly created Office of the Comptroller of the Currency and its chief administrator, the 2733: 441:, or calling in loans. With little private deposit insurance and no federal deposit insurance, if a bank was rumored to be having liquidity problems, this might cause many people to 336: 697:

Although the Aldrich Federal Reserve Plan was defeated when it bore the name Aldrich, nevertheless its essential points were all contained in the plan that was finally adopted.

599:. The "Pujo hearings" convinced much of the populace that America's money largely rested in the hands of a select few on Wall Street. The Subcommittee issued a report saying: 2639: 621:

almost succeeded in killing the bill, but were mollified by Wilson's promises to propose antitrust legislation after the bill had passed, and by Bryan's support of the bill.

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legislation then being considered and already passed by the U.S. House of Representatives. Even Aldrich stated strong opposition to the currency plan passed by the House.

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broke out he accepted. He was the only appointee asked to appear before the Senate, whose members questioned him about his interests in the central bank and his ties to

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Southerners and westerners learned from Wilson that the system was decentralized into 12 districts and surely would weaken New York and strengthen the hinterlands. Sen.

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trading and then rebounded to a 1.06% (128-point) loss. On January 30, 2008, eight days after the 0.75% decrease, the Fed lowered its rate again, this time by 0.50%.

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In December 2015, the Fed raised its benchmark interest rates by a quarter of a percentage point to between 0.25% and 0.50%, after nine years without changing them.

3159: 3116: 2463: 365: 3149: 3123: 1896: 2690: 2722: 981:, then Assistant Secretary of the Treasury, was the principal mediator. Three weeks later, he was named Chairman of the Federal Reserve, replacing McCabe. 2727: 329: 194: 1020:

were used as guidelines; inflation was severe. The Fed complained that the aggregates were confusing. Volcker was chairman until August 1987, whereupon

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banks ... Wall Street will control the money as easily through this bill as they have heretofore.(Congressional Record, v. 51, page 1447, Dec. 22, 1913)

422:. This federal agency, which still exists today, examines and supervises all banks chartered nationally and is a part of the U.S. Treasury Department. 1733: 1369: 1808: 2620: 1998: 809:

sponsored and wrote the eventual legislation, and his home state capital of Richmond, Virginia, was made a district headquarters. Democratic Senator

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for opposing this policy, although Eccles's term on the board continued for three more years. The reluctance of the Federal Reserve to continue

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of Minnesota, one of the most vocal opponents of the bill, who on the day the House agreed to the Federal Reserve Act told his colleagues:

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While a system of 12 regional banks was designed so as not to give eastern bankers too much influence over the new bank, in practice, the

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During the 1912 election, the Democratic Party took control of the presidency and both chambers of Congress. The newly elected president,

3044: 3034: 2398: 1341:"Department of Treasury Office of the Comptroller of Currency Congressional Budget Justification and Annual Performance Plan and Report" 977:, presents a detailed eyewitness account of this meeting and surrounding events, including verbatim transcripts of pertinent documents. 1847: 1705: 2877: 2608: 2335: 1173: 87: 2197: 1639: 1484: 645: 3024: 2984: 2911: 2901: 2749: 2702: 2626: 2330: 1178: 1305:

Andrew Jackson, "Veto Message, Washington, July 10, 1832," in Richardson, ed., Messages and Papers of the Presidents, II, 576–591.

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banks, who saw them as very large competitors, and by many who insisted that they were in reality banking cartels compelling the

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Bryan wrote that "The Federal Reserve Bank that should have been the farmer's greatest protection has become his greatest foe."

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Large bankers thought the legislation gave the government too much control over markets and private business dealings. The

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After Wilson presented the bill to Congress, a group of Democratic congressmen revolted. The group, led by Representative

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announced he would nominate Bernanke to a second term as chairman of the Federal Reserve. In October 2013, he nominated

1124: 517: 462: 457:, there was a motivation for renewed demands for banking and currency reform. The following year, Congress enacted the 47: 3164: 1788:"Wilson Upholds Glass Money Bill; But Senators Think His Statement Offers a Loophole for His Accepting Vanderlip Plan" 1719: 880:

in 1933, which outlawed the holding of more than $ 100 of gold or gold certificates, among other related decrees. The

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keeping with the general plan of action he made in his First Inaugural Address on March 4, 1913, in which he stated:

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From early 2001 to mid-2003, the Federal Reserve lowered its interest rates 13 times, from 6.25% to 1.00%, to fight

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https://www.richmondfed.org/publications/research/econ_focus/2013/q4/~/media/5CB182DD657E48DDABFDFFE57F5E1BE1.ashx

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briefly, allowing banks to continue serving withdrawal requests. All of these funds were eventually rescinded.

706: 579: 438: 675: 491: 431: 284: 2549: 1205: 1159: 892: 802: 732: 693:, one of the Jekyll Island attendees and the president of National City Bank, wrote in his autobiography: 567: 353: 227: 172: 35: 1787: 651: 3106: 2782: 2776: 2584: 2514: 1585: 1073: 587:, a Democrat from Louisiana, obtained congressional authorization to form and chair a subcommittee (the 575: 539: 411: 157: 2067: 2572: 2543: 2363: 2340: 2117: 1519: 1315: 997: 939: 935: 877: 861: 845: 837: 505: 415: 309: 162: 92: 2038: 2010: 1340: 2806: 2647: 2538: 2484: 1154: 881: 770:

called the Act the "Oklahoma idea, the Nebraska idea" – referring to Owen and Bryan's involvement.

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bankers favored the Aldrich Plan, but it lacked enough support in the bipartisan Congress to pass.

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emergency banknotes and $ 211.8 million clearinghouse loan certificates were issued under the

2161: 1809:"Aldrich Sees Bryan Back of Money Bill; Socialist, Unconstitutional Measure, Says Ex-Senator" 1370:"Understanding and Addressing Moral Distress | OJIN: The Online Journal of Issues in Nursing" 378:

The Federal Reserve System is the third central banking system in United States history. The

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is the central banking system of the United States. It was created on December 23, 1913.

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Please help update this article to reflect recent events or newly available information.

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named the Fed as the regulator of bank holding companies that owned more than one bank.

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However, Bryan soon became disillusioned with the system. In the November 1923 issue of

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In 1910, Aldrich and executives representing the banks of J.P. Morgan, Rockefeller, and

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vetoed legislation to renew the Second Bank of the United States, starting a period of

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In order to get the Federal Reserve Act passed, Wilson needed the support of populist

3143: 3030: 2990: 2887: 2866: 2654: 2431: 2277:, collected for the 50th anniversary of the Federal Reserve System, are available on 2052: 1454: 931: 927: 736: 501: 454: 387: 350: 266: 2189: 3081: 3060: 2927: 2860: 2854: 2842: 2794: 2520: 1136: 1132: 1101: 1093: 1013: 1008: 1004: 962: 923: 806: 521: 400: 232: 1399: 1227: 2578: 2490: 1931: 970: 833: 805:, at the direction of the Federal Open Market Committee. Democratic Congressman 555: 487: 279: 130: 1438: 965:

the deficit became so great that, in 1951, President Truman invited the entire

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assumed the mantle, seven months after monetary aggregate policy had changed.

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Hilsenrath, Jon; Williamson, Elizabeth; Weisman, Jonathan (August 26, 2009).

3128: 3091: 2424: 1077: 943: 2245: 1548: 1076:. In November 2002, rates were cut to 1.75%, and many rates went below the 17: 1972: 1603: 574:

There was also Republican opposition to the Aldrich Plan. Republican Sen.

3096: 2496: 2355: 2283: 1485:"Paul Warburg's Crusade to Establish a Central Bank in the United States" 757: 563: 482:

Aldrich went to Europe opposed to centralized banking but, after viewing

442: 392: 256: 468: 3101: 1446: 801:". The New York Fed, for example, is solely responsible for conducting 483: 78: 2011:"The Federal Reserve's Role During WWI | Federal Reserve History" 899:

Accord of 1951 between the Federal Reserve and the Treasury Department

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added the goal of maximum employment as a responsibility of the Fed.

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However, the former point was also made by Republican Representative

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Financial Institutions Reform, Recovery and Enforcement Act of 1989

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self-satisfaction or the excitement of excursions we can not tell.

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of Kansas, who voted for the bill, told Congress on that same day:

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Committee on the History of the Federal Reserve System materials

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and bank reserves in its struggle with double-digit inflation.

461:, which provided for an emergency currency and established the 1427:

Annals of the American Academy of Political and Social Science

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Federal Deposit Insurance Corporation Improvement Act of 1991

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Depository Institutions Deregulation and Monetary Control Act

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The chief of the bipartisan National Monetary Commission was

1539:; Boyden Sparkes (1935). "XXI. A Conclave on Jekyl Island". 1000:

required the Fed chairman to report to Congress regularly.

2039:"The Fed's Formative Years | Federal Reserve History" 888:, along with making other changes to the Federal Reserve. 819:

the Bank.) Critics of the time (later joined by economist

2220:"Fed raises interest rates, citing ongoing U.S. recovery" 2160:

Michael M. Grynbaum and John Holusha (January 22, 2008).

1833:(Congressional Record, v. 51, pp. 1443–44, Dec. 22, 1913) 1557:"Frank Vanderlip And The Creation Of The Federal Reserve" 1396:"A Brief History of Central Banking in the United States" 868:

In reaction to the Great Depression, Congress passed the

1642:. Minnesota Federal Reserve. August 1988. Archived from 942:

rose 14% in 1947 and 8% in 1948, and the economy was in

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populist and frequent Democratic presidential candidate

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Records of the Federal Reserve System, Record Group 82

1971:

Reserve Bank Organization Committee (April 14, 1914).

1877:. New York Times, December 24, 1913. December 24, 1913 1398:. University of Groningen, Netherlands. Archived from 2085:

Source: A Monetary Chronology of the United States,

1640:"Born of a panic: Forming the Federal Reserve System" 2244:

ebook: The Federal Reserve – Purposes and Functions:

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Public–Private Investment Program for Legacy Assets

2457: 2412: 2386: 2354: 542:in 1916 wrote an article about the "hunting trip". 410:, a system of national banks was instituted by the 1164:Federal Reserve-Treasury Department Accord of 1951 1150:Key laws affecting the Federal Reserve have been: 1679:. Federal Reserve Bank of Boston. Archived from 1280:. Federal Reserve Bank of Boston. Archived from 1114:Federal Reserve responses to the subprime crisis 934:fixed at 0.375 percent. It continued to support 1674:"Historical Beginnings ... The Federal Reserve" 1275:"Historical Beginnings ... The Federal Reserve" 973:to resolve their differences. Eccles's memoir, 938:after the war ended, despite the fact that the 366:History of central banking in the United States 3124:Personal consumption expenditures price index 2299: 1930:. US House of Representatives. Archived from 1667: 1665: 1663: 1661: 1659: 1657: 1655: 1653: 1514: 1512: 1510: 1508: 1506: 648:to certain ideas, incidents, or controversies 330: 8: 2099:A Monetary Chronology of the United States, 1899:. Civic Webs Virtual Library. Archived from 1897:"President Wilson's First Inaugural Address" 1543:. D. Appleton-Century Co. pp. 210–219. 1531: 1529: 1520:"America's Unknown Enemy: Beyond Conspiracy" 360:Central banking prior to the Federal Reserve 2723:2009 Supervisory Capital Assessment Program 2640:Federal Reserve v. Investment Co. Institute 1850:. Minnesota Federal Reserve. Archived from 1841: 1839: 1487:. Minnesota Federal Reserve. Archived from 1478: 1476: 1474: 1472: 1470: 1468: 1466: 1464: 1423:"The Panic of 1907 and Some of Its Lessons" 625:Enactment of the Federal Reserve Act (1913) 449:The National Monetary Commission, 1907-1913 2728:Term Asset-Backed Securities Loan Facility 2306: 2292: 2284: 1634: 1632: 1630: 1628: 1626: 1522:. American Institute of Economic Research. 926:, the Federal Reserve pledged to keep the 658:this issue before removing this message. 595:, who later also assisted in drafting the 337: 323: 215: 151: 28: 2116:. US Federal Reserve Bank. Archived from 2140:"FRB: H.6 Release--Discontinuance of M3" 2101:American Institute for Economic Research 2087:American Institute for Economic Research 1864:(Congressional Record, 22 December 1913) 1316:"National Banking Acts of 1863 and 1864" 1096:as the chairman of the Federal Reserve. 467: 406:In 1863, as a means to help finance the 395:to maintain and support them. President 2246:http://www.federalreserve.gov/pf/pf.htm 1924:"The Importance of the Federal Reserve" 1594:. B. C. Forbes Publishing Co. pp. 1217: 1184:Full Employment and Balanced Growth Act 919:that restored independence to the Fed. 243: 180: 46: 3160:Financial history of the United States 2404:Monetary Policy Report to the Congress 2162:"Fed Cuts Rate 0.75% and Stocks Swing" 1583:, Oct. 19, 1916, p. 423. Collected in 1255: 1244: 1146:Key laws affecting the Federal Reserve 500:, secluded themselves for ten days at 465:to study banking and currency reform. 3150:History of the Federal Reserve System 2697:Unfair or Deceptive Acts or Practices 2200:from the original on February 4, 2010 1118:Due to a credit crunch caused by the 7: 3112:Monetary policy of the United States 2691:Emergency Economic Stabilization Act 2648:Northeast Bancorp v. Federal Reserve 2621:Humphrey–Hawkins Full Employment Act 2399:Federal Reserve Statistical Release 652:create a more balanced presentation 550:National Monetary Commission. Most 2685:Subprime mortgage crisis responses 1975:. U.S. Government Printing Office. 1734:"Money Bill Goes to Wilson To-day" 1620:New York: Harper, (1954) pp. 44–45 1555:Eric deCarbonnel (June 19, 2009). 1174:Federal Reserve Reform Act of 1977 25: 2750:Commercial Paper Funding Facility 2703:Commercial Paper Funding Facility 2066:Bartlett, Bruce (June 14, 2004). 1848:"Carter Glass: A Brief Biography" 1706:"Pujo, Arsene, a brief biography" 1179:International Banking Act of 1978 814:banking relationships. To quell 3087:Criticism of the Federal Reserve 2661:Expedited Funds Availability Act 2377: 2025:"History of the Federal Reserve" 1752:"Wilson signs the currency bill" 1672:Johnson, Roger (December 1999). 1228:"History of the Federal Reserve" 1168:Bank Holding Company Act of 1956 1036: 795:Federal Reserve Bank of New York 633: 384:Second Bank of the United States 303: 2555:U.S. Treasury Department Accord 1483:Whithouse, Michael (May 1989). 952:Chairman of the Federal Reserve 913:U.S. Department of the Treasury 911:, was an agreement between the 490:and his daughter's marriage to 453:Prior to a particularly severe 380:First Bank of the United States 246:Electronic funds transfer (EFT) 2757:Corner Post v. Federal Reserve 2709:Primary Dealer Credit Facility 2053:"The Great Depression Q&A" 1922:Keleher, Robert (March 1997). 1618:Wilson and the Progressive Era 1131:On August 25, 2009, President 1: 2346:Federal Open Market Committee 1770:"Currency Bill Passes Senate" 1421:Herrick, Myron (March 1908). 1320:www.federalreservehistory.org 1108:2008 subprime mortgage crisis 967:Federal Open Market Committee 886:Federal Open Market Committee 426:The Federal Reserve Act, 1913 2716:Bloomberg v. Federal Reserve 2615:Electronic Fund Transfer Act 2597:Home Mortgage Disclosure Act 2591:Equal Credit Opportunity Act 2479:National Monetary Commission 2190:"Calm in Crisis Won Fed Job" 2068:"Warriors Against Inflation" 1875:"Wilson Signs Currency Bill" 1846:Page, Dave (December 1997). 1125:Dow Jones Industrial Average 1088:In February 2006, President 1080:rate. On June 25, 2003, the 518:Council on Foreign Relations 463:National Monetary Commission 1348:U.S. Department of Treasury 1049:. The reason given is: the 907:, also known simply as the 420:Comptroller of the Currency 374:Federal Reserve Board, 1917 195:National Credit Union Share 98:Federal savings association 3181: 2912:Vice Chair for Supervision 2609:Federal Reserve Reform Act 2603:Community Reinvestment Act 1591:Men who are making America 1541:From farm boy to financier 1439:10.1177/000271620803100203 1170:and the amendments of 1970 1111: 950:in 1948 replaced the then- 673: 508:. The executives included 429: 363: 2627:International Banking Act 2375: 2369:Federal Reserve Bank Note 2321: 1045:This section needs to be 1028:2001 recession to present 872:in 1933, established the 527:From Farmboy to Financier 188:Federal Deposit Insurance 2561:Bank Holding Company Act 1928:Joint Economic Committee 1120:subprime mortgage crisis 986:Bank Holding Company Act 979:William McChesney Martin 310:United States portal 34:This article is part of 2194:The Wall Street Journal 1987:Wilson: The New Freedom 1776:: 1. December 20, 1913. 1758:: 1. December 24, 1913. 1740:: 1. December 23, 1913. 718:Republican Congressman 676:The Federal Reserve Act 492:John D. Rockefeller Jr. 432:The Federal Reserve Act 3155:Federal Reserve System 2679:Gramm–Leach–Bliley Act 2550:Employment Act of 1946 2315:Federal Reserve System 1537:Frank Arthur Vanderlip 1206:Gramm-Leach-Bliley Act 1160:Employment Act of 1946 1005:President Jimmy Carter 992:Post Bretton-Woods era 893:Employment Act of 1946 803:open market operations 791: 781: 733:William Jennings Bryan 729: 716: 699: 688: 606: 568:William Jennings Bryan 536: 472: 375: 354:Federal Reserve System 173:Certificate of deposit 3107:Lender of last resort 2783:William P. G. Harding 2585:Smithsonian Agreement 2515:Emergency Banking Act 2341:Federal Reserve Banks 1989:; pp. 199–240 (1956). 1934:on February 28, 2008. 1903:on September 26, 2001 1374:ojin.nursingworld.org 1139:to succeed Bernanke. 838:Kuhn, Loeb, & Co. 827:Operations, 1915-1951 786: 776: 724: 711: 707:Charles Lindbergh Sr. 695: 683: 601: 580:Charles Lindbergh Sr. 576:Robert M. La Follette 540:Bertie Charles Forbes 531: 471: 412:National Currency Act 373: 197:Insurance Fund (NCUA) 2789:Daniel R. Crissinger 2673:FDIC Improvement Act 2573:Truth in Lending Act 2544:Bretton Woods system 2473:Aldrich–Vreeland Act 2364:Federal Reserve Note 2114:"Bernanke Biography" 1686:on December 25, 2010 1287:on December 25, 2010 998:Humphrey-Hawkins Act 940:Consumer Price Index 936:government borrowing 878:Executive Order 6102 862:The Great Depression 846:Aldrich-Vreeland Act 498:Kuhn, Loeb & Co. 459:Aldrich–Vreeland Act 443:withdraw their funds 416:National Banking Act 382:(1791–1811) and the 212:Payment and transfer 93:Federal savings bank 2539:Banking Act of 1935 2485:Federal Reserve Act 2226:. December 17, 2015 2120:on January 24, 2010 1797:. October 25, 1913. 1155:Banking Act of 1935 975:Beckoning Frontiers 882:Banking Act of 1935 840:'s "money trusts". 747:"Hearst's Magazine" 597:Federal Reserve Act 3165:History of finance 2942:Current presidents 2923:Christopher Waller 2813:Marriner S. Eccles 2527:Glass–Steagall Act 2437:Federal funds rate 2167:The New York Times 1815:. October 18, 1913 1394:Flaherty, Edward. 1273:Johnson, Roger T. 1082:federal funds rate 1051:COVID-19 recession 870:Glass-Steagall Act 799:first among equals 510:Frank A. Vanderlip 473: 376: 190:Corporation (FDIC) 3137: 3136: 2981:Loretta J. Mester 2971:Patrick T. Harker 2837:G. William Miller 2825:William M. Martin 2777:Charles S. Hamlin 1952:on March 15, 2007 1646:on June 20, 2007. 1070: 1069: 672: 671: 650:. Please help to 642:This section may 347: 346: 292: 291: 203: 202: 181:Account insurance 51: 16:(Redirected from 3172: 2898:Philip Jefferson 2819:Thomas B. McCabe 2744:Durbin amendment 2533:Gold Reserve Act 2381: 2380: 2308: 2301: 2294: 2285: 2254: 2242: 2236: 2235: 2233: 2231: 2216: 2210: 2209: 2207: 2205: 2185: 2179: 2178: 2176: 2174: 2157: 2151: 2150: 2148: 2146: 2136: 2130: 2129: 2127: 2125: 2110: 2104: 2097: 2091: 2082: 2076: 2075: 2063: 2057: 2056: 2049: 2043: 2042: 2035: 2029: 2028: 2021: 2015: 2014: 2007: 2001: 1996: 1990: 1983: 1977: 1976: 1968: 1962: 1961: 1959: 1957: 1948:. Archived from 1942: 1936: 1935: 1919: 1913: 1912: 1910: 1908: 1893: 1887: 1886: 1884: 1882: 1871: 1865: 1862: 1856: 1855: 1854:on May 16, 2008. 1843: 1834: 1831: 1825: 1824: 1822: 1820: 1805: 1799: 1798: 1792: 1784: 1778: 1777: 1766: 1760: 1759: 1748: 1742: 1741: 1730: 1724: 1723: 1716: 1710: 1709: 1702: 1696: 1695: 1693: 1691: 1685: 1678: 1669: 1648: 1647: 1636: 1621: 1614: 1608: 1607: 1578: 1572: 1571: 1569: 1567: 1552: 1533: 1524: 1523: 1516: 1501: 1500: 1498: 1496: 1480: 1459: 1458: 1418: 1412: 1411: 1409: 1407: 1402:on July 28, 2012 1391: 1385: 1384: 1382: 1380: 1366: 1360: 1359: 1357: 1355: 1345: 1337: 1331: 1330: 1328: 1326: 1312: 1306: 1303: 1297: 1296: 1294: 1292: 1286: 1279: 1270: 1264: 1263: 1257: 1252: 1250: 1242: 1240: 1238: 1222: 1065: 1062: 1056: 1040: 1039: 1032: 1014:money aggregates 959:Thomas B. McCabe 891:After WWII, the 667: 664: 637: 636: 629: 593:Samuel Untermyer 339: 332: 325: 312: 308: 307: 306: 272:Substitute check 247: 216: 152: 147: 146:Deposit accounts 81: 80:Banking charters 54: 49: 41: 38: 29: 21: 3180: 3179: 3175: 3174: 3173: 3171: 3170: 3169: 3140: 3139: 3138: 3133: 3070: 3021:Alberto Musalem 3011:Austan Goolsbee 2943: 2937: 2918:Michelle Bowman 2879: 2872: 2831:Arthur F. Burns 2807:Eugene R. Black 2763: 2461: 2453: 2420:Discount window 2408: 2382: 2378: 2373: 2350: 2317: 2312: 2262: 2257: 2243: 2239: 2229: 2227: 2218: 2217: 2213: 2203: 2201: 2187: 2186: 2182: 2172: 2170: 2159: 2158: 2154: 2144: 2142: 2138: 2137: 2133: 2123: 2121: 2112: 2111: 2107: 2098: 2094: 2083: 2079: 2072:National Review 2065: 2064: 2060: 2051: 2050: 2046: 2037: 2036: 2032: 2023: 2022: 2018: 2009: 2008: 2004: 1997: 1993: 1984: 1980: 1970: 1969: 1965: 1955: 1953: 1944: 1943: 1939: 1921: 1920: 1916: 1906: 1904: 1895: 1894: 1890: 1880: 1878: 1873: 1872: 1868: 1863: 1859: 1845: 1844: 1837: 1832: 1828: 1818: 1816: 1807: 1806: 1802: 1790: 1786: 1785: 1781: 1768: 1767: 1763: 1750: 1749: 1745: 1732: 1731: 1727: 1718: 1717: 1713: 1704: 1703: 1699: 1689: 1687: 1683: 1676: 1671: 1670: 1651: 1638: 1637: 1624: 1615: 1611: 1584: 1581:Leslie's Weekly 1579: 1575: 1565: 1563: 1561:Market Skeptics 1554: 1535: 1534: 1527: 1518: 1517: 1504: 1494: 1492: 1491:on May 16, 2008 1482: 1481: 1462: 1420: 1419: 1415: 1405: 1403: 1393: 1392: 1388: 1378: 1376: 1368: 1367: 1363: 1353: 1351: 1343: 1339: 1338: 1334: 1324: 1322: 1314: 1313: 1309: 1304: 1300: 1290: 1288: 1284: 1277: 1272: 1271: 1267: 1253: 1243: 1236: 1234: 1226: 1223: 1219: 1215: 1148: 1116: 1110: 1066: 1060: 1057: 1054: 1041: 1037: 1030: 994: 955:Marriner Eccles 948:Harry S. Truman 917:Federal Reserve 901: 829: 821:Milton Friedman 691:Frank Vanderlip 678: 668: 662: 659: 638: 634: 627: 514:Edward M. House 451: 434: 428: 368: 362: 343: 304: 302: 301: 294: 293: 276: 245: 239: 213: 205: 204: 199: 196: 192: 189: 149: 145: 137: 136: 135: 125: 117: 116: 115: 83: 79: 68:Monetary policy 52: 48: 36: 33: 23: 22: 15: 12: 11: 5: 3178: 3176: 3168: 3167: 3162: 3157: 3152: 3142: 3141: 3135: 3134: 3132: 3131: 3126: 3121: 3120: 3119: 3109: 3104: 3099: 3094: 3089: 3084: 3078: 3076: 3072: 3071: 3069: 3068: 3058: 3048: 3038: 3028: 3018: 3008: 3001:Raphael Bostic 2998: 2988: 2978: 2968: 2958: 2947: 2945: 2939: 2938: 2936: 2935: 2933:Adriana Kugler 2930: 2925: 2920: 2915: 2905: 2895: 2884: 2882: 2874: 2873: 2871: 2870: 2869:(2018–present) 2864: 2858: 2852: 2849:Alan Greenspan 2846: 2840: 2834: 2828: 2822: 2816: 2810: 2804: 2798: 2792: 2786: 2780: 2773: 2771: 2765: 2764: 2762: 2761: 2753: 2747: 2740:Dodd–Frank Act 2737: 2731: 2725: 2720: 2712: 2706: 2700: 2694: 2688: 2682: 2676: 2670: 2664: 2658: 2652: 2644: 2636: 2630: 2624: 2618: 2612: 2606: 2600: 2594: 2588: 2582: 2576: 2570: 2569:(1961–present) 2564: 2558: 2552: 2547: 2541: 2536: 2530: 2524: 2518: 2512: 2506: 2500: 2494: 2488: 2482: 2476: 2469: 2467: 2455: 2454: 2452: 2451: 2449:Primary dealer 2446: 2445: 2444: 2442:Overnight rate 2434: 2429: 2428: 2427: 2416: 2414: 2410: 2409: 2407: 2406: 2401: 2396: 2390: 2388: 2384: 2383: 2376: 2374: 2372: 2371: 2366: 2360: 2358: 2352: 2351: 2349: 2348: 2343: 2338: 2333: 2328: 2322: 2319: 2318: 2313: 2311: 2310: 2303: 2296: 2288: 2282: 2281: 2272: 2261: 2260:External links 2258: 2256: 2255: 2253: 2252: 2237: 2211: 2180: 2152: 2131: 2105: 2092: 2077: 2058: 2044: 2030: 2016: 2002: 1991: 1978: 1963: 1937: 1914: 1888: 1866: 1857: 1835: 1826: 1813:New York Times 1800: 1795:New York Times 1779: 1774:New York Times 1761: 1756:New York Times 1743: 1738:New York Times 1725: 1711: 1697: 1649: 1622: 1616:Link, Arthur. 1609: 1573: 1525: 1502: 1460: 1413: 1386: 1361: 1332: 1307: 1298: 1265: 1216: 1214: 1211: 1210: 1209: 1203: 1198: 1193: 1187: 1181: 1176: 1171: 1165: 1162: 1157: 1147: 1144: 1112:Main article: 1109: 1106: 1090:George W. Bush 1068: 1067: 1044: 1042: 1035: 1029: 1026: 1022:Alan Greenspan 1003:In July 1979, 993: 990: 932:Treasury bills 900: 897: 828: 825: 767:New York Times 754:Robert L. Owen 742:Louis Brandeis 720:Victor Murdock 674:Main article: 670: 669: 654:. Discuss and 641: 639: 632: 626: 623: 611:Woodrow Wilson 589:Pujo Committee 477:Nelson Aldrich 450: 447: 439:clearing house 430:Main article: 427: 424: 397:Andrew Jackson 364:Main article: 361: 358: 345: 344: 342: 341: 334: 327: 319: 316: 315: 314: 313: 296: 295: 290: 289: 288: 287: 282: 275: 274: 269: 264: 259: 253: 250: 249: 241: 240: 238: 237: 236: 235: 230: 219: 214: 211: 210: 207: 206: 201: 200: 193: 186: 183: 182: 178: 177: 176: 175: 170: 165: 160: 150: 143: 142: 139: 138: 134: 133: 127: 126: 123: 122: 119: 118: 114: 113: 108: 102: 101: 100: 95: 90: 84: 77: 76: 73: 72: 71: 70: 65: 57: 56: 50:Banking in the 44: 43: 24: 14: 13: 10: 9: 6: 4: 3: 2: 3177: 3166: 3163: 3161: 3158: 3156: 3153: 3151: 3148: 3147: 3145: 3130: 3127: 3125: 3122: 3118: 3115: 3114: 3113: 3110: 3108: 3105: 3103: 3100: 3098: 3095: 3093: 3090: 3088: 3085: 3083: 3080: 3079: 3077: 3073: 3066: 3065:San Francisco 3062: 3059: 3056: 3052: 3049: 3046: 3042: 3039: 3036: 3032: 3031:Neel Kashkari 3029: 3026: 3022: 3019: 3016: 3012: 3009: 3006: 3002: 2999: 2996: 2992: 2991:Thomas Barkin 2989: 2986: 2982: 2979: 2976: 2972: 2969: 2966: 2962: 2961:John Williams 2959: 2956: 2952: 2951:Susan Collins 2949: 2948: 2946: 2944:(by district) 2940: 2934: 2931: 2929: 2926: 2924: 2921: 2919: 2916: 2913: 2909: 2906: 2903: 2899: 2896: 2893: 2889: 2888:Jerome Powell 2886: 2885: 2883: 2881: 2875: 2868: 2867:Jerome Powell 2865: 2862: 2859: 2856: 2853: 2850: 2847: 2844: 2841: 2838: 2835: 2832: 2829: 2826: 2823: 2820: 2817: 2814: 2811: 2808: 2805: 2802: 2799: 2796: 2793: 2790: 2787: 2784: 2781: 2778: 2775: 2774: 2772: 2770: 2766: 2759: 2758: 2754: 2751: 2748: 2745: 2741: 2738: 2735: 2732: 2729: 2726: 2724: 2721: 2718: 2717: 2713: 2710: 2707: 2704: 2701: 2698: 2695: 2692: 2689: 2686: 2683: 2680: 2677: 2674: 2671: 2668: 2665: 2662: 2659: 2656: 2655:Greenspan put 2653: 2650: 2649: 2645: 2642: 2641: 2637: 2634: 2631: 2628: 2625: 2622: 2619: 2616: 2613: 2610: 2607: 2604: 2601: 2598: 2595: 2592: 2589: 2586: 2583: 2580: 2577: 2574: 2571: 2568: 2565: 2562: 2559: 2556: 2553: 2551: 2548: 2545: 2542: 2540: 2537: 2534: 2531: 2528: 2525: 2522: 2519: 2516: 2513: 2510: 2507: 2504: 2501: 2498: 2495: 2492: 2489: 2486: 2483: 2480: 2477: 2474: 2471: 2470: 2468: 2465: 2460: 2456: 2450: 2447: 2443: 2440: 2439: 2438: 2435: 2433: 2432:Federal funds 2430: 2426: 2423: 2422: 2421: 2418: 2417: 2415: 2413:Federal funds 2411: 2405: 2402: 2400: 2397: 2395: 2392: 2391: 2389: 2385: 2370: 2367: 2365: 2362: 2361: 2359: 2357: 2353: 2347: 2344: 2342: 2339: 2337: 2334: 2332: 2329: 2327: 2324: 2323: 2320: 2316: 2309: 2304: 2302: 2297: 2295: 2290: 2289: 2286: 2280: 2276: 2273: 2271: 2267: 2264: 2263: 2259: 2249: 2248: 2247: 2241: 2238: 2225: 2221: 2215: 2212: 2199: 2195: 2191: 2184: 2181: 2169: 2168: 2163: 2156: 2153: 2141: 2135: 2132: 2119: 2115: 2109: 2106: 2102: 2096: 2093: 2090: 2088: 2081: 2078: 2073: 2069: 2062: 2059: 2054: 2048: 2045: 2040: 2034: 2031: 2026: 2020: 2017: 2012: 2006: 2003: 2000: 1995: 1992: 1988: 1985:Arthur Link, 1982: 1979: 1974: 1967: 1964: 1951: 1947: 1941: 1938: 1933: 1929: 1925: 1918: 1915: 1902: 1898: 1892: 1889: 1876: 1870: 1867: 1861: 1858: 1853: 1849: 1842: 1840: 1836: 1830: 1827: 1814: 1810: 1804: 1801: 1796: 1789: 1783: 1780: 1775: 1771: 1765: 1762: 1757: 1753: 1747: 1744: 1739: 1735: 1729: 1726: 1721: 1715: 1712: 1707: 1701: 1698: 1682: 1675: 1668: 1666: 1664: 1662: 1660: 1658: 1656: 1654: 1650: 1645: 1641: 1635: 1633: 1631: 1629: 1627: 1623: 1619: 1613: 1610: 1605: 1601: 1597: 1593: 1592: 1587: 1582: 1577: 1574: 1562: 1558: 1550: 1546: 1542: 1538: 1532: 1530: 1526: 1521: 1515: 1513: 1511: 1509: 1507: 1503: 1490: 1486: 1479: 1477: 1475: 1473: 1471: 1469: 1467: 1465: 1461: 1456: 1452: 1448: 1444: 1440: 1436: 1432: 1428: 1424: 1417: 1414: 1401: 1397: 1390: 1387: 1375: 1371: 1365: 1362: 1349: 1342: 1336: 1333: 1321: 1317: 1311: 1308: 1302: 1299: 1283: 1276: 1269: 1266: 1261: 1248: 1233: 1229: 1225: 1221: 1218: 1212: 1207: 1204: 1202: 1199: 1197: 1194: 1191: 1188: 1185: 1182: 1180: 1177: 1175: 1172: 1169: 1166: 1163: 1161: 1158: 1156: 1153: 1152: 1151: 1145: 1143: 1140: 1138: 1134: 1129: 1126: 1121: 1115: 1107: 1105: 1103: 1102:time deposits 1097: 1095: 1091: 1086: 1083: 1079: 1075: 1064: 1052: 1048: 1043: 1034: 1033: 1027: 1025: 1023: 1017: 1015: 1010: 1006: 1001: 999: 996:In 1978, the 991: 989: 987: 984:In 1956, the 982: 980: 976: 972: 968: 964: 960: 956: 953: 949: 945: 941: 937: 933: 929: 928:interest rate 925: 920: 918: 914: 910: 906: 898: 896: 894: 889: 887: 883: 879: 875: 871: 866: 863: 857: 853: 849: 847: 841: 839: 835: 826: 824: 822: 817: 812: 811:James A. Reed 808: 804: 800: 796: 790: 785: 780: 775: 771: 769: 768: 762: 759: 755: 750: 748: 743: 738: 737:Cross of Gold 734: 728: 723: 721: 715: 710: 708: 703: 698: 694: 692: 687: 682: 677: 666: 657: 653: 649: 647: 640: 631: 630: 624: 622: 619: 614: 612: 605: 600: 598: 594: 590: 586: 581: 577: 572: 569: 565: 559: 557: 553: 547: 543: 541: 535: 530: 528: 523: 519: 515: 511: 507: 503: 502:Jekyll Island 499: 494: 493: 489: 485: 480: 478: 470: 466: 464: 460: 456: 455:panic in 1907 448: 446: 444: 440: 433: 425: 423: 421: 417: 413: 409: 404: 402: 398: 394: 393:common person 389: 388:capital stock 385: 381: 372: 367: 359: 357: 355: 352: 351:United States 340: 335: 333: 328: 326: 321: 320: 318: 317: 311: 300: 299: 298: 297: 286: 283: 281: 278: 277: 273: 270: 268: 267:Wire transfer 265: 263: 260: 258: 255: 254: 252: 251: 248: 242: 234: 231: 229: 226: 225: 224: 221: 220: 218: 217: 209: 208: 198: 191: 185: 184: 179: 174: 171: 169: 166: 164: 161: 159: 156: 155: 154: 153: 148: 141: 140: 132: 129: 128: 121: 120: 112: 109: 107: 106:National bank 104: 103: 99: 96: 94: 91: 89: 86: 85: 82: 75: 74: 69: 66: 64: 61: 60: 59: 58: 55: 53:United States 45: 42: 39: 31: 30: 27: 19: 3082:Central bank 3061:Mary C. Daly 2975:Philadelphia 2928:Lisa D. Cook 2908:Michael Barr 2861:Janet Yellen 2855:Ben Bernanke 2843:Paul Volcker 2801:Eugene Meyer 2795:Roy A. Young 2755: 2714: 2646: 2638: 2567:FOMC actions 2554: 2521:Regulation Q 2509:Regulation D 2458: 2240: 2228:. Retrieved 2223: 2214: 2202:. Retrieved 2193: 2183: 2171:. Retrieved 2165: 2155: 2145:December 28, 2143:. Retrieved 2134: 2122:. Retrieved 2118:the original 2108: 2095: 2084: 2080: 2071: 2061: 2047: 2033: 2019: 2005: 1994: 1986: 1981: 1966: 1956:February 15, 1954:. Retrieved 1950:the original 1940: 1932:the original 1927: 1917: 1905:. Retrieved 1901:the original 1891: 1879:. Retrieved 1869: 1860: 1852:the original 1829: 1817:. Retrieved 1812: 1803: 1794: 1782: 1773: 1764: 1755: 1746: 1737: 1728: 1714: 1700: 1690:February 15, 1688:. Retrieved 1681:the original 1644:the original 1617: 1612: 1590: 1586:B. C. Forbes 1580: 1576: 1566:February 10, 1564:. Retrieved 1560: 1553:Excerpts at 1540: 1495:February 15, 1493:. 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Morgan 280:ACH Network 131:Credit card 18:1951 Accord 3144:Categories 2902:Vice Chair 2503:Phelan Act 2394:Beige Book 2331:Vice Chair 1256:|url= 1213:References 1092:appointed 1007:nominated 963:monetizing 262:Debit card 111:State bank 63:Regulation 3129:Sahm rule 3092:Fed model 3025:St. Louis 2985:Cleveland 2880:governors 2667:FIRRE Act 2633:DIDMC Act 2511:(c. 1930) 2425:Bank rate 2356:Banknotes 2336:Governors 1455:144195201 1232:localhost 1078:inflation 1074:recession 944:recession 663:July 2017 578:and Rep. 564:Nebraskan 520:. 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