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Federal Reserve History states,"Jefferson and Hamilton are archetypes of one of the most enduring debates in American politics, a debate over the nature of government and the centralization of political power. In many ways, the DNA of what would become the Federal Reserve System was a compromise between the two men’s visions about the proper role of government in the economy."
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The first bank of the United States was created in Philadelphia by Alexander Hamilton to take care of war debt
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As federal debt begins to appear again with the War of 1812, Congress agrees to make the second bank of America
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State-chartered banks and Free Banks take hold as the second bank's charter expires with opposition
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A bank panic triggers one of the worst depression in the United States.
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Wall Street speculation causes another bank panic
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The Federal Reserve assists in financing World War One by helping with the flow of goods to Europe.
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The Banking Act of 1935 creates the Federal Open Market Committee.
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As the Korean War breaks out, the Fed faces pressure to maintain low interest rates to support the war
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Paul Volcker takes over as Fed chairman. He brings double-digit inflation of the early 1980's under control.
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Fed Chairman Alan Greenspan takes office. The stock market plummets in 1987. Greenspan issues this statement the following day.
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The Federal Reserve issues this statement after terrorist attacks on Sept. 11 at the World Trade Center.
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The Federal Reserve changes its discount window operations to lend rationing of loans through interest rates
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Ben Bernanke takes office as "chairman" on February 1st, 2006
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Dow Jones industrial average hits 12-year low and 140 banks fail.
