TABLE OF CONTENTS CHAPTERS Introduction 4 Getting Started 7 Too High Too Low and Just Right 17 Boards Committees and Banks Oh My 27 Keep It Reform It or Leave It 37 AGENCY INSIDERS Paul Volcker 12 Marriner Eccles 22 Alan Greenspan 32 Ben Bernanke 42 AROUND THE WORLD Federal Reserve Washington D C 15 Federal Reserve Bank of New York 25 Bank for International Settlements 35 Federal Reserve Bank of San Francisco 45 Glossary 46 Selected Bibliography 47 Websites 47 Index 48
On December 23 1913 president Woodrow Wilson picked up a gold pen and signed into law the Federal Reserve Act It had taken members of Congress more than five years and a lot of debate to develop the act The new law established the Fed eral Reserve as a central bank for the United States As he signed the bill President Wilson said he was grateful to have a part in creating the new organization He believed it would be of lasting benefit to the business of the country The Federal Reserve was established in response to banking panics that rocked the Ameri can economy in the late 1800s and early 1900s The purpose of the Federal Reserve was to prevent such panics by controlling the country's money supply In the more than 100 years of its exis tence the role of the Federal Reserve also known as the Fed has expanded significantly It now plays a major part in the U S econ omy Unlike most other government agencies the Fed operates independently The Fed's independence as well as its response to various financial crises has earned it both praise and criti cism over the years Today the role of the country's central bank remains as controversial as at its
Federal Reserve System
An in-depth look at the people and policies behind the government agency known as the Fed, from its founding in 1913 to the controversies and challenges it faces today.
