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Federal Reserve System

Federal Reserve History

Formation of the Fed | The Districts | Evolution of the Fed

Formation of the Federal Reserve

The Federal Reserve System is the central bank of the United States. Congress created the Federal Reserve through a law passed in 1913, charging it with a responsibility to foster a sound banking system and a healthy economy. This remains, today, the broad mission of the Fed and its component parts: the 12 Federal Reserve Banks nationwide, each serving a specific region of the country; and the Board of Governors in Washington, D.C., established to oversee the Fed System.

The Federal Reserve Act, via the Board of Governors
Born of A Panic: Forming the Fed System, The Banking Panic of 1907 was the primary inspiration for major banking reform.
The Region, Aug. 1988
Carter Glass, A brief biography of the man who shaped the Federal Reserve Act. The Region, Dec. 1997
Paul Warburg's Crusade to Establish A Central Bank in the United States, An emigrant from Germany advocated for the development of an American discount market and a European-style commercial paper and became a member of the first Federal Reserve Board. The Region, May 1989
Blueprint for Reform: How to Draft It?
Chapter one of Reflections from History.
Answering the Call for Banking Supervision,
The need for more effective bank supervision was urgent in 1913. The Region, Aug. 1988
Developing an Efficient Payments System, Fed involvement in the check collection system was intended to bring about a unified national clearing system and the elimination of nonpar payment. The Region, Aug. 1988
Discovering Open Market Operations, Loss of earnings led the Fed to an important tool of monetary policy. The Region, Aug. 1988

The Districts

Minneapolis vs. St. Paul,
Competition was intense between Minneapolis and St. Paul
for the Ninth District Federal Reserve Bank.
The Region, Dec. 1997
The Districts Take Shape, The Federal Reserve Act stated “not less than eight nor more than twelve cities.” The Region, Aug. 1988
Defining the Districts: Where to Draw the Lines?
Chapter two of Reflections from History.
Locating Federal Reserve Districts and Headquarters Cities,
The Region, Sept. 2001

Evolution of the Fed

Historical Perspectives on Form and Function, The Region, September 2004
Central Banking: Then and Now, speech by Richmond Fed President J. Alfred Broaddus Jr., The Region, September 1993
Perspectives on Federal Reserve Independence—A Changing Structure for Changing Times, 1976 Annual Report essay.
Interview with Carter Glass, The senator's views on banking and the Federal Reserve are updated by a modern interpretation,
The Region, Dec. 1997
Learning the Job: A Central Bank Evolves,
Chapter four of Reflections from History.
Fed System: Overview of Times and Events,
The Region, Aug. 1988
Remarks by Chairman Alan Greenspan regarding banking history.
via the Board of Governors
Ten years of Fed as Regulator and Competitor, The Monetary Control Act, among other things, authorized the Federal Reserve System to compete for business with the same financial institutions that it also regulates. The Region, June 1992
Did the Fed's Founding Improve the Efficiency of the U.S. Payments System? Federal Reserve Bank of St. Louis Review, May/June 1998 [154K pdf] Commentary in response [126K pdf]

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