Federal Reserve

The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States.

Background

Main article: History of Central Banking in the United States

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

The first institution with responsibilities of a central bank in the US was the First Bank of the United States, chartered in 1791. Later, in 1816, the Second Bank of the United States was chartered. From 1837 to 1862, in the Free Banking Era there was no formal central bank, while from 1862 to 1913, a system of (private) national banks were in charge. After a series of devastating bank runs, it was decided that the US needed a centralized banking system.

Related Topics:
First Bank of the United States - 1791 - 1816 - Second Bank of the United States - 1837 - 1862 - 1913 - National bank - Bank run

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

The Fed was created by the U.S. Congress through the passing of the Owen-Glass Act, signed by President Woodrow Wilson on December 23, 1913.

Related Topics:
U.S. Congress - Owen-Glass Act - Woodrow Wilson - December 23 - 1913

~ ~ ~ ~ ~ ~ ~ ~ ~ ~