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Full Description
For more than 100 years since its inception, the United States struggled through a variety of financial problems, crises, and would-be solutions to the problems of currency, credit and financial stability. On December 23, 1913, Woodrow Wilson signed into law the Federal Reserve Act, creating an institution patterned after the central banks of Europe yet still uniquely American. This is a complete revelation of the workings of the system--the early history, organization, leadership, evolution and development, and major figures. Appendices include the original Federal Act (not readily available elsewhere) and numerous reference tables covering 1914-1989.
Contents
Table of Contents
Acknowledgments
Preface xiii
1. The Climax of a Long Struggle
Authorship of the Act
First United States Bank
Problems Persisted
Check Collection a Problem
A Search for Solutions
Democrats Come to Power
Ideas Sharply Divided
A Quick Summary of the Act
Federal Advisory Council
2. Getting Organized
How Many Fed Banks?
Subscribing Capital Stock
Hurry Up!
Preliminary Organization Committee
Surveying Opinions
Local Issues Important
Decision Time
Everyone Happy? No Way!
Naming the Federal Reserve Board
Politics Again
War Breaks Out
Fed Bank Directors
Open the Banks!
The "League"
3. Open for Business (1914-1919)
Who's in Charge?
Changes in District Boundaries
How Can We Make A Profit?
A Wartime Atmosphere
Gold Settlement Fund
A New Currency—Federal Reserve Notes
Bank Reserves
Setting the Discount Rate
A Discount Policy
Check Clearing
Par Clearance of Checks
World War I and the Fed
United States Declares War
What Role for Gold?
A Glance into the Future
Governors' Conference
Revisions of the Act Needed
A New Task for the Fed
Leadership in the Early Years
Does the Public Like the Fed?
4. A Struggle for Leadership (1920-1929)
Where Was the Fed?
The Phelan Act
No Firm Policy
Some Positive Facts
Speculation on the Rise
Internal Problems at the Fed
Politics Erupts
A Change in Mood
A Problem with Gold
Storage of Gold
Beginning of Open Market Operations
Markets Fall Apart
A Time for Action
"Tools" of the Fed
Leadership at the Fed
Day-to-Day Operations at Fed Banks
What about Par Banks?
Operations during the Decade of the 1920s
Legislation
5. A Decade of Change (1930-1939)
Where Was the Fed?
Looking Back
How to Handle a Run on Your Bank
What Action Should the Fed Have Taken?
Roosevelt Elected President
The Crisis Had Been Building
A New Face at the Fed 84
The Banking Act of 1933
Reserves for Feds Suspended
The Banking Act of 1935
What Fed Policy Now ?
Fed Gets a New Home
Meanwhile in the Back Rooms of the Feds
6. World War II and Its Aftermath (1941-1950)
What Role for the Fed?
Credit Controls
Peace Arrives
Now Let's Deal with Inflation
A Change of Presidents
Unexpected Support for the Fed
Fed Makes a Formal Policy Statement
Another Side to the Fed
Federal Reserve Bulletin Born
Don't Forecast!
How Much Does It Cost?
Work Increases at Fed Banks
7. The Fed Comes into Its Own (1950-1959)
What Was the Accord?
Enter Congressman Partman
Refining "Independence"
Power of the Fed Recognized
Challenges within the System
Chairman Martin and Washington Politics
Behind the Scenes at FOMC
The "Desk"
Operational Studies in the System
What to Do with All Those Checks
Counting All That Money
Changing Role of the Discount Window
Looking Back
8. The Public Discovers the Fed (1960-1969)
The Fed's Role
Politics as Usual Again
Fed's Independence Challenged Again
Problems with Currency
Greater Problems with Coin
News on the International Front
A Substitute for Gold?
9. The Soaring Seventies (1970-1979)
A New Style of Leadership at the Fed
Difficult Economic Problems
Congress Wants to Know NOW
Evasive Action by the Fed
Let the Sunshine In?
How about a GAO Audit?
Chairman Burns Calls in the Reserves
Leadership Changes Again
Another First at the Board
Increasing Importance of International Factors
The Consumer Demands Attention
Bank Operations Changing Too
Changes Outside the Fed 148
Remote Disbursements a Problem
What Can the Fed Do?
More Buildings Needed
10. Another Banking Evolution (1980-1989)
Welcome, Paul Volcker
A "Warm" Welcome for the New Chairman
Inflation Slowed
Major Changes for the Fed and the Banking Industry
Changes Welcomed by Consumers
Impact on the Fed
The Fed Adjusts
Daylight Overdrafts
Remote Disbursements—A New Check Collection Problem
Consumers and the Fed
International Developments
Legislation
Volcker Leaves the Fed
A Look Back
Appendixes
Glossary
Copy of Original Federal Reserve Act
Commercial Banks Certifying to the Organization of Each Federal Reserve Bank
Governors and Directors of Each Federal Reserve Bank, 1914
Design of the First Federal Reserve Notes
Federal Reserve Banks and Branches, 1989
Map o Federal Reserve Districts, 1989
Members of the Federal Reserve Board and the Board of Governors with Federal Reserve District of Residence and Term of Service
Board of Governors and Official Staff, 1989
Federal Open Market Committee, 1989
Board of Governors Advisory Councils, 1989
Principal Officers at Federal Reserve Banks, 1914-1989
Principal Officers at Federal Reserve Banks and Branches, March 1989
Number of Officers and Employees at Each Federal Reserve Bank, 1915-1988
Number of Employees at Federal Reserve Board and the Board of Governors by Selected Years
Sample of a Directive to the Manager of the Trading Desk From the Federal Open Market Committee
Discount Rate at the Federal Reserve Bank of New York, 1914-1989
United States Marketable Securities and Related Data, 1915-1988
Commercial Bank Suspensions, 1892-1988
Number of Commercial Banks in U.S., Total Assets, Number of Banks Member of the Federal Reserve System and Related Data, 1915-1988
Gold: World Production and Stock Held by United States, 1914-1986
United States Federal Debt, 1916-1987
Description of Federal Reserve Districts, 1917
Income and Expenses of Each Federal Reserve Bank, 1914-1988
Statement of Condition as of the End of the Year for Each Federal Reserve Bank, 1914, 1920,1930, 1940, 1950, 1960, 1970, 1980 and 1988
Bibliography
Index
