The Federal Reserve System is the central banking system of the United States, created by the Federal Reserve Act, signed by President Woodrow Wilson on 23 December 1913. It followed a series of banking panics, most severe in 1907, which showed the need for an institution that could supply emergency credit and stabilize the financial system. The system was designed as a compromise, with a Board of Governors in Washington and twelve regional Reserve Banks rather than a single central bank. Over time its role grew to include controlling the money supply, setting interest rates to pursue maximum employment and stable prices, and supervising banks. Its actions during the Great Depression, the 2008 financial crisis and later events have been much debated.
Before and after
- 31 August 1913Founding of PSV Eindhoven
- 5 November 1913Birth of Vivien Leigh
- 7 November 1913Birth of Albert Camus
- 18 December 1913Birth of Willy Brandt
- 23 December 1913Founding of Federal Reserve System
- 1914Rise of Assemblies of God
- from 1914 to 1921Zaian War
- 1914Establishment of Swiss National Park
- 1914Sayfo
More in Society, economy & sport
- 12 May 1792Founding of New York Stock Exchange
- c. 1800sRise of nationalism
- 17 February 1863Founding of International Red Cross and Red Crescent Movement
- from 6 April 1896 to 15 April 1896The first modern Olympic Games open in Athens
- 1 January 1901Founding of Australia
- 21 May 1904Founding of FIFA
The era
This moment belongs to the Industrial era (1760 CE to 1914 CE), steam, factories and revolutions. You can also browse everything in the 20th century.