Pick up handout Have your Progressive Amendment Poems ready to turn in. Let Mrs Holmes know if you have planned an extra credit presentation.

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Presentation transcript:

Pick up handout Have your Progressive Amendment Poems ready to turn in. Let Mrs Holmes know if you have planned an extra credit presentation.

Monetary Policy What does Monetary mean?

Federal Reserve Act Supported by President Wilson to restore public confidence in the banks. The Federal Reserve was established to restore public confidence in the banking system which had been collapsing. Remember the Panic of 1893 and the Klondike Gold Rush Created a network of 12 regional banks. Each regional bank was authorized to issue currency, called Federal Reserve notes (paper money).

Federal Reserve The Federal Government gained a strong hold on the economy by controlling the money supply by controlling the money supply promoting economic growth protect against financial panics

From Gold Standard to Fiat Money Gold Standard means that for every note printed there is an equal value of gold in some bank Fiat Money is used as a medium of exchange and only has value because of regulation or law. Janet Yellen – Chair of Federal Reserve.

ECONOMIC DEVELOPMENT The change from the Gold Standard to Fiat Money is caused by: Economic growth Government expansion Increase in the population Expansion of the US

Which regions’ banks might represent a large portion of (a) farm districts (b) urban interest (c) manufacturing interest?

MAP SKILLS Turn to page 400 in your textbook Review the map at the bottom of the page “Federal Reserve Districts” Read the caption to the side of the map and answer the questions

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