Historical View over The U.S. Federal Reserve Bank 092SIS59 Jihyun Lee

The Federal Reserve System Created in 1913 by the enactment of the Federal Reserve Act Five Parts of the FRS Board of Governors of the Federal Reserve System The Federal Open Market Committee 12 regional privately-owned Federal Reserve Banks Private U.S. member banks Various advisory councils

The Federal Open Market Committee Three tools of monetary policy open market operations the discount rate reserve requirements Twelve members the seven members of the Board of Governors of the Federal Reserve System the president of the Federal Reserve Bank of New York four of the remaining eleven Reserve Bank presidents

HISTORY of The Federal Reserve Federal Reserve System 1791-1811 1837-1862 First Bank of the United States Free Bank Era 1811-1816 1846-1913 No central Bank National Bank 1816-1836 1913-present Second Bank Federal Reserve System of the United States

The First Bank of the United States (1791–1811) Chartered by Congress and President George Washington on Feb 25, 1791 at the urging of Alexander Hamilton strong opposition from Thomas Jefferson and James Madison expired under President James Madison

The Second Bank of the United States (1816–1836) revived it in the form of the Second Bank of the United States renewal of the bank's charter the reelection of President Andrew Jackson

Federal Reserve System (1913-present) Aldrich-Vreeland Act National Monetary Commission Aldrich: “a centralized bank” opposition from politicians–his ties to bankers such as J.P. Morgan, his daughter's marriage to Rockefeller, and Jr. Aldrich passed Congress in late 1913 with Democrats in support and Republicans against it. HISTORY of The Federal Reserve

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