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Before the Federal Reserve
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." -
First Bank of the United States
The first bank of the United States was created in Philadelphia by Alexander Hamilton to take care of war debt -
Second Bank of America
As federal debt begins to appear again with the War of 1812, Congress agrees to make the second bank of America -
State Banks Take Hold
State-chartered banks and Free Banks take hold as the second bank's charter expires with opposition -
First Depression
A bank panic triggers one of the worst depression in the United States. -
Second Bank Panic
Wall Street speculation causes another bank panic -
The Federal Reserve Helps in the War
The Federal Reserve assists in financing World War One by helping with the flow of goods to Europe. -
FOMC created
The Banking Act of 1935 creates the Federal Open Market Committee. -
Korean War Erupts
As the Korean War breaks out, the Fed faces pressure to maintain low interest rates to support the war -
Volcker Becomes Federal Reserve Chair
Paul Volcker takes over as Fed chairman. He brings double-digit inflation of the early 1980's under control. -
Green Span Takes Over
Fed Chairman Alan Greenspan takes office. The stock market plummets in 1987. Greenspan issues this statement the following day. -
9/11
The Federal Reserve issues this statement after terrorist attacks on Sept. 11 at the World Trade Center. -
Fed Lends to Banks
The Federal Reserve changes its discount window operations to lend rationing of loans through interest rates -
Bernanke Takes Fed Chair
Ben Bernanke takes office as "chairman" on February 1st, 2006 -
140 Banks Fail
Dow Jones industrial average hits 12-year low and 140 banks fail.
