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On This Day in History: The Federal Reserve was Established

bank

On this day in 1913, the Federal Reserve Act was signed into law.

On December 23, 1913, President Woodrow Wilson signed the Federal Reserve Act into law.  The Act created the Federal Reserve System, which became the central banking system of the United States.  When Congress developed the objectives of the Federal Reserve Act, they had three main goals: maximize employment, stabilize prices, and moderate long-term interest rates.  Over the years, financial crises such as the Great Depression (1930s) and the Great Recession (2000s) led to the expansion of the Federal Reserve System.

Today, the Federal Reserve oversees several important duties, including the following:

  • Supervising and regulating banks
  • Maintaining the stability of the financial system
  • Providing financial services to depository institutions, the U.S. government, and foreign official institutions
  • Conducting research into the economy
  • Producing publications such as the Beige Book and the FRED database

We at The Maria Sanchez Show hope you will join us as we learn more about the Federal Reserve on the anniversary of its establishment.  Don’t forget to check out our latest program, Shadow Politics with Senator Michael D. Brown.   Tune in on Sundays at 4:00 p.m. PST/7:00 p.m. EST.

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