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Understanding The History Of America's Central Bank - The Federal Reserve The
Federal Reserve System (FRS) is the central bank of the United States.
Sometimes, it is simply referred to as the Fed. It is the most effective
financial institution around the globe. It was established to supply the nation
with an efficient, safe, and secure financial and monetary system. The Fed has a
board that comprises seven members. Twelve Federal Reserve banks have individual
presidents, each representing a distinct district.


UNDERSTANDING THE FEDERAL RESERVE SYSTEM (FRS)


Central banks are financial institutions with privileged control over the
distribution and production of money and credit to the nation or collection of
countries. In the modern world, centrally located banks are generally
accountable for making monetary policies and supervising their member banks. The
Fed is comprised of twelve Regional Federal Reserve Banks that are each
accountable for a distinct geographical region of the U.S.1 The Fed was
established under the Federal Reserve Act, which President Woodrow Wilson signed
on December 23, 1913, in reaction to the financial turmoil that occurred in
1907.23 Prior to this it was created, there was no central bank in the U.S. had
been the sole major financial power that did not have a central bank. The
creation of the Fed was caused by the numerous financial crises which afflicted
the U.S.

The economy during the last century caused severe economic turmoil caused by
bank failures and bankruptcy of businesses. The crisis of 1907 led to demands
for an institution to keep out disruptions and panics.

The Fed has the power to make decisions to maintain financial stability, and it
is the main regulator for banks that are part of the Federal Reserve System. It
serves as a lender's last resort for institutions of the system that do not have
any other option to take loans. It is often referred to simply as the Fed and
has the responsibility of ensuring the financial stability of the financial
system. It also serves as the primary oversight of the nation's financial
institutions.

The twelve Regional Federal Banks are based in Boston, New York, Philadelphia,
Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City,
Dallas, and San Francisco.1 Fed System Banks.


A BRIEF HISTORY OF CENTRAL BANKS


Timeline of central banking in the United StatesDatesSystem1782-1791

Central banks throughout the United States, 1791-1913

The first attempt to create the creation of a currency for all nations was in
the American Revolutionary War. In 1775 the Continental Congress and the states
began making paper currency and calling those notes "Continentals." The
Continentals were only backed by tax revenues that would be generated in the
future as well as to finance the Revolutionary War. In addition to British
counterfeiting, the overprinting process led to its value as a Continental
decrease rapidly. This incident with paper currency caused the United States to
strip the authority to create Bills of Credit (paper money) from an amendment to
the newly-created Constitution on August 16, 1787.

In 1791, the federal government gave an institution called the First Bank of the
United States and operated a charter in the capacity of the central bank for the
U.S. central bank until 1811. In 1811, the First Bank of the United States ended
under [136].

First Central Bank, 1791 and Second Central Bank, 1816[edit]

One of the first U.S. institutions with central bank responsibility is The First
Bank of the United States, founded by Congress and ratified by President George
Washington on February 25, 1791, following the suggestion from Alexander
Hamilton. This was done despite massive resistance by Thomas Jefferson, James
Madison, and many others. The charter was valid for twenty years and was
cancelled in 1811 under the presidency of President Madison, who was President
when Congress declined to renew the charter. [138]

In 1816 however, Madison revived the institution as The Second Bank of the
United States. A few years later, the early renewal of the bank's charter was
the most important issue in the election of President Andrew Jackson. When
Jackson, who opposed Central Bank, won reelection in the presidential election,
he took the funds of government out of the bank. Jackson is the sole President
to fully pay off the national debt. The bank's charter wasn't renewed until
1836. From 1837 until 1862, in the period of [139years [139

Creation of Third Central Bank, 1907-1913

The primary motivation behind the creation of the third central bank system was
the Panic of 1907, which triggered an increased desire among lawmakers,
economists, bankers, and legislators to overhaul the system of monetary
exchange. Between the end of the first period of the 19th century as well as the
turn into the century of the twentieth century, it was noted that the United
States economy went through several cycles of

Federal Reserve Act, 1913

The bipartisan National Monetary Commission chairman was a financial expert and
Senate Republican chairman Nelson Aldrich. Aldrich created two commissions: one
to analyze the American money system in depth and the second, headed by Aldrich
himself, to research how the European central banks and write about the European
central banking systems and report on them. [142]

In early November of 1910, Aldrich sat down with five well-known New York
banking community representatives to create a central banking bill. Paul
Warburg, an attendee of the gathering and longtime advocate for central banks in
the U.S., later wrote that Aldrich was "bewildered at all that he had absorbed
abroad, and he was faced with the difficult task of writing a highly technical
bill while being harassed by the daily grind of his parliamentary duties." After
10 days of discussion and debate, the bill, later to be known by the name
"Aldrich Plan," was approved. It included several essential elements: a central
bank with a Washington-based headquarter and 15 branches spread across the U.S.
in geographically strategic areas and a common flexible currency built on
commercial paper and gold. Aldrich believed that a central bank system without
political influence was the best option. However, he believed that Warburg that
a plan that had no control over the public was not feasible politically. [146]

The bill was met with a lot of opposition from lawmakers. Some critics accused
Aldrich of bias due to his close ties with wealthy bankers, such as J. P. Morgan
and John D. Rockefeller Jr., the son of Aldrich. A majority of Republicans
supported Aldrich's plan. Aldrich Plan did not have enough support in Congress
to be approved because western states and the rural areas considered it to
favour those who belonged to the "eastern establishment." [147]

The first Aldrich Plan was dealt a fatal blow in 1912 when Democrats took
control of both the White House and Congress. Nonetheless, President [146]

Federal Reserve era, 1913-present

Important laws that impact Federal Reserve have been: Key laws affecting Federal
Reserve have been:[150]

Federal Reserve Act, 1913
Glass-Steagall Act, 1933
Banking Act of 1935
Employment Act of 1946
Federal Reserve-Treasury Department Accord of 1951
Bank Holding Company Act of 1956 and its amendments in
Federal Reserve Reform Act of 1977
International Banking Act of 1978
Full Employment and Balanced Growth Act(1978)
Depository Institutions Deregulation and Monetary Control Act(1980)
Financial Institutions Reform, Recovery and Enforcement Act of 1989
Federal Deposit Insurance Corporation Improvement Act of 1991
Gramm-Leach-Bliley Act(1999)
Financial Services Regulatory Relief Act(2006)
Emergency Economic Stabilization Act(2008)
Dodd-Frank Wall Street Reform and Consumer Protection Act(2010)



THE FEDERAL RESERVE SYSTEM'S MANDATE AND DUTIES


The goals of monetary policy for the Federal Reserve are twofold: to create
economic conditions that result in steady prices and sustainable employment.6
The Federal Reserve's responsibilities are further classified into four broad
areas:

Controlling and supervising banks to ensure the security and security of banks
and financial institutions in the U.S. banking and financial system and to
protect the rights of consumers to credit.

Offering financial services, such as an essential role in the operation of the
national payment system and depository institutions, the U.S. government, and
foreign official institutions.


THE FEDERAL RESERVE SYSTEM'S INDEPENDENCE


Central bank independence concerns the issue of whether supervisors of monetary
policy should be separated from the sphere of government. The people who support
independence are aware of the power of political parties in promoting monetary
policy that could favour reelection in the near future but can result in lasting
economic harm later on. The critics argue that central banks and the government
should be closely coordinated in their economic policy, and central banks need
to be supervised by a regulator.

It is also believed that the Fed is also believed as independent since its
decisions are not required to be approved either by the President or another
official of the government. However, it remains subject to oversight by Congress
and must operate within the guidelines of the government's economic as well as
fiscal policy. Fears about the growth of Federal Reserve balance sheet bailouts
for companies like American International Group ( AIG ) have led to demands for
more accountability and transparency. Accountability.9 Recent calls from
Washington to investigate and audit the Federal Reserve could potentially
undermine the independence of this U.S. central bank.

The Fed is believed to be independent since its decisions are not required to be
approved.


WHAT'S THE JOB OF WHAT DOES THE FED CHAIR?


Very few people in Washington are able to enjoy the autonomy and power of the
Chair of the Federal Reserve. They serve as the representative of central banks,
negotiate directly with the President and Congress, and decide the agenda for
the board and FOMC meetings. Investors and analysts rely on the chairman's every
word, and markets react instantly to any indications of the interest rate
policy.

Budget, Debt, and Deficits

The President chooses the chair. The Fed, which manages its own budget, is
largely unaffected by the decisions of Congress. After confirmation as a chair,
it is a Fed chair. It is largely independent of the White House; there is no
established procedure to force a president out of the chair, and it's legally
uncertain if they can remove them in any way.

The most recent Fed chairs are:

Paul Volcker, 1979-1987. Nominated by President Jimmy Carter, Volcker, prior to
his time as the director of the New York Fed, took over during a period of high
inflation, double-digit growth and slow growth. This is referred to by the term
"stagflation." To fight inflation, he slowed the flow of money available in the
economy and pushed interest rates to the highest levels in the history of the
world, which topped 20 percent. The immediate effect was high unemployment and a
recession. Many economists believe that"shock therapy "shock therapy" set the
foundation for the nation's prosperity in the 1980s. Ronald Reagan was
President. Ronald Reagan replaced Volcker in 1987 following disagreements over
the rise of U.S. debt, high-interest rates, and financial regulations.
Alan Greenspan, 1987-2006. Reagan appointed Greenspan as the economist, an
ex-White House advisor who was later to serve for five terms in the position of
Fed chairman under 4 presidents. A well-known in the field of inflation and a
skeptic of government regulations, Greenspan was frequently acknowledged as
having led the U.S. economy through its longest expansion in the 1990s. After
this year's financial turmoil, however, many experts condemned him for failing
to control risky financial instruments and permitting a housing bubble to grow.
Ben Bernanke, 2006-2014. Nominated by President George W. Bush, Bernanke's
two-term spans the most difficult years of the 2008 financial crisis along with
its aftermath, dubbed the Great Recession. His aggressive response was to cut
the interest rate to zero, assisting financial institutions at risk of collapse
and pumping trillions of dollars into the financial markets to boost the
liquidity of lending. President Barack Obama reappointed Bernanke to another
term and credited him with preventing a total economic collapse.
Janet Yellen, 2014-2018. Following the announcement that Bernanke declared his
resignation in 2013, Obama picked Yellen, an economist trained at Yale, as well
as the very first female in the history of the U.S. central bank. Before her
tenure as the chair, Yellen warned early regarding the crisis in housing and
called for a more aggressive monetary policy in order to reduce unemployment. In
her tenure, when she watched as the United States saw a recovery in the
employment market, Yellen oversaw the first increase in interest rates over the
course of more than 10 years.
Jerome Powell, 2018-Present. The presidents who have changed their positions
almost always appointed the current Fed chair for another period, depending on
the party. However, after Yellen's term ended in February 2018, Trump replaced
her with Powell, who was an investor, businessman, and the current Fed governor.
While Trump was critical of Yellen's "easy money" policies during his campaign
for President in 2016, Powell initially followed her model of gradually
increasing interest rates. However, as with Trump, Powell has been more
skeptical of some of the Fed's policies, specifically on smaller banks which
have been subject to greater scrutiny following the economic crisis. However,
Trump repeatedly threatened to dismiss Powell and claimed that he didn't do
enough to boost the economy. President Joe Biden reappointed Powell in 2022.
Powell was faced with rising inflation, raising rates to their highest in 15
years.



WHO OWNS THE FEDERAL RESERVE?


No one controls the Federal Reserve System. It was established in 1913 under
legislation known as the Federal Reserve Act to serve as the central bank for
the nation. Its Board of Governors is an agency of the federal government. It is
accountable directly to Congress.14

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