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The housing bubble shows signs of bursting and the Fed has a plateful of problems to contend with
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In 1789, Alexander Hamilton, Secretary of the U.S. Treasury, started to argue loudly for the creation of a central bank. By 1791, Hamilton's view prevailed.
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By the time its charter was up for renewal in 1811, the general feeling was that it had become too powerful. Its charter was not renewed.
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The structure of the Second Bank was similar to the First Bank, but it was much larger. The stock of the Second Bank was worth $35,000,000.
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The Independent Treasury Act leaves the national government without a Banking system for the next 5 years. The Secretary of the Treasury deposits the government's money into State Banks.
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In response to the National Depression in 1907, President Woodrow Wilson pushes for a bill that gives US its central bank.
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Federal Reserve instituted a compulsory system for member banks to accept at par a check drawn upon themselves and presented for payment by a Fed Bank. The Bank's check volumes rose from 8,900 items a month under the old system to 18,000 checks a day through the rest of 1916
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When the U.S. declared war on Germany in April 1917, the Reserve Banks were authorized to handle the financial operations associated with the war, including the sale of Liberty bonds.
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Industrial activity reached a low point in during the Great Depression as banks began to feel extreme pressure.
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After Pearl Harbour, the Chicago Fed found itself responsible for coordinating the Seventh District's bond drives.
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The Chicago Fed became responsible for overseeing all district banking companies and ensuring that they engaged in activities "closely related to banking."
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Chairman Paul Volcker announces that the Federal Reserve's monetary policy efforts would focus on reaching target levels of ban
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Economy shows signs of improving under the Ronald Raegan administration
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Markets crash as the dot com bubble bursts
