The federal reserve

The federal reserve - Micah Vinson Mktg 231 Federal Reserve...

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Micah Vinson Mktg 231 Federal Reserve The Federal Reserve is the central banking system in the United States which was created on December 23, 1913 when President Woodrow Wilson signed the Federal Reserve Act. The act was drafted as House Resolution 7837 by the Virginian Democratic Representative Carter Glass who was about to become the chairman of the House Banking and Currency Committee. The Federal Reserve Act was drafted after an assortment of fiscal panics, specifically after a severe panic in 1907. For almost 80 years the country had operated without a central bank after the charter for the Second Bank of the United States expired and our countries leaders new it was time for a change. The Federal Reserve was originally formed by Congress to provide this country with a safer, more flexible, and more established economic system. Over the years the Federal Reserve’s role has expanded into four areas. First and foremost the reserve is responsible for carrying out the United States monetary strategy by directly influencing money and credit conditions in the economy in hopes of stabilizing prices and keeping employment levels high. The Federal Reserve is also in charge of overseeing and controlling independent banks to
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This note was uploaded on 12/08/2009 for the course BUIS 31212 taught by Professor Dr.jones during the Spring '09 term at Bowie State.

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The federal reserve - Micah Vinson Mktg 231 Federal Reserve...

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