Wednesday, December 20, 2006

Happy Birthday Federal Reserve

On December 23, 1913 President Woodrow Wilson signed into law the Federal Reserve Act to establish more effective supervision of banking in the United States. The New York Branch of the Federal Reserve has written a brief history of the chaotic events that led to the founding. For a more detailed history see Allan H. Meltzer's A History of the Federal Reserve Volume 1:1913-1951. Source materials cited by Meltzer are available on FRASER (Federal Reserve Archival System for Economic Research). FRASER also links to other documents pertaining to the history of the Federal Reserve through 2005.