-
Federal Reserve History
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. -
1791-1811: First Attempt at Central Banking
The Continental congress people made the first paper money. -
1836-1865: The Free Banking Era
State-chartered banks and unchartered,
free banks took hold during this period, issuing their own notes, redeemable in gold or specie. -
1863: National Banking Act
During the Civil War, the National Banking Act of 1863 was passed, providing for nationally chartered banks, whose circulating notes had to be backed by U.S. government securities. -
1913: The Federal Reserve System is Born
President Woodrow signed so the Federal act could take act. -
1929-1933: The Market Crash and the Great Depression
The stock market crashed, and the nation fell into the worst depression in its history. -
1933: The Depression Aftermath
Everyone was trying to get there jobs back. -
1970s-1980s: Inflation and Deflation
The 1970's saw inflation skyrocket as producer and consumer prices rose. -
1990s: The Longest Economic Expansion
After the stock market crashed, he ordered the Fed to issue a one-sentence statement before the start of trading on October 20 -
September 11, 2001
The Federal Reserve got attacked by terrorists. -
January 2003: Discount Window Operation Changes
The Federal Reserve changed its discount window operations so as to have rates at the window set above the prevailing Fed Funds rate and provide rationing of loans to banks through interest rates. -
2006 and Beyond: Financial Crisis and Response
During the early 2000s, low mortgage rates and expanded access to credit made homeownership possible for more people, increasing the demand for housing and driving up house prices.
