Federal Reserve System Celebrates 100 Year Anniversary
This year marks the 100th year of the Federal Reserve System. The Federal Reserve was created by Woodrow Wilson to regulate banking and economic activity and an attempt to control the vagaries of the market and the business cycle.
The Federal Reserve Act was signed by President Woodrow Wilson on December 23, 1913. The act created the twelve Federal Reserve Districts and corresponding banks that make up the Federal Reserve System. The Act was passed to regulate the banking system in the United States and attempt to regulate economic activity through monetary policy. The Federal Reserve is not a government agency but its activities have widespread implications related to government policy and the Federal Reserve Chairman is appointed by the sitting President of the United States. The Federal Reserve’s activities have worldwide implications as the United States economy is the largest in the world. The Federal Reserve Bank of St. Louis has provided some materials commemorating this anniversary and they are now on display case outside of the Government Information Library on third floor south of Polk Library.