History of the Federal Reserve By cmadd08 Dec 23, 1913 Federal Reserve Act was created Woodrow Wilson signed the act to establish 8-12 district and reserve banks. The act also created the Federal Reserve Board. Apr 1, 1914 Reserve Districts are established by the Federal Reserve Board Nov 16, 1914 FED Banks officially open Jan 1, 1917 FED helps finance WWI Dec 13, 1929 Great Stock Market Crash of 1929 Onset of the Great Depression. Panic within banking industry. Mar 6, 1933 FDR passes Glass-Steagall Act, and creates the Federal Deposit Insurance Corp. Jan 1, 1935 Banking Act of 1935 establishes the FOMC Jan 1, 1951 Korean War erupts. FED struggles to keep low interest rates. May 4, 1951 Treasury and FED agreement sets modern regulation for Federal Reserve May 4, 1956 Bank Holding Company Act under Eisenhower May 4, 1971 1971- Smithsonian Agreement May 4, 1977 Federal Reform Act of 1977 May 4, 1978 Humphrey Hawkins Act May 4, 1982 Garn-St Germain Act lowers inflation Jan 1, 2003 FED is able to lend to banks through interest rates May 4, 2007 FED provides programs to deal with recession May 4, 2008 FED bails out Bear Stearns May 4, 2010 Dodd-Frank Act May 4, 2012 FED announces QE3