https://padlet.com/524664/vm9dvpp2mdll Made with a wink and a smile en-us 2019-04-30 15:39:42 UTC 2026-02-07 08:50:25 UTC hello@padlet.com 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355494193 People have criticized the fed for not responding and helping in the great depression ]]> 2019-04-30 15:42:47 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355494193 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355494219 People criticized the fed banks for the housing market crash. and how they caused it and it was all there fault. ]]> 2019-04-30 15:42:50 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355494219 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355494378 The Federal Reserve System was established by Congress nearly a century ago to serve as the U.S. central bank. President Woodrow Wilson signed the Federal Reserve Act into law on December 23, 1913. Prior to the creation of the Fed, the U.S. economy was plagued by frequent episodes of panic, bank failures, and credit scarcity. The history of the Federal Reserve is bound up in the effort to build a more stable and secure financial system. This section describes key events leading to the establishment of the Federal Reserve and the evolution of the Federal Reserve System in response to the needs of the U.S. economy.

]]> 2019-04-30 15:43:04 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355494378 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355494410 The American colonists were limited to using European coinage, barter, and commodity money as their primary means of exchange before independence from British rule. Troubled by foreign coin shortages and the inefficiencies of barter and commodity money, many colonies began minting coins and issuing paper currency by the end of the 17th century. This was ineffective. People lacked faith in colonial currency and the authority of the colonies to issue money was periodically interrupted by their British rulers.

Colonial banks were not like modern banks. They did not take deposits from the public or make loans. Instead, they issued paper currency backed by land or precious metals such as gold. Merchants and other individuals were the primary sources of credit.]]> 2019-04-30 15:43:06 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355494410 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355494440 The origins of central banking in the United States began with the ratification of the Constitution in 1789. Secretary of the Treasury Alexander Hamilton developed a plan for a federal banking system to solve the nation’s credit problems after the War of Independence. This was controversial. Hamilton’s plan, backed by commercial and financial interests centered in the northeastern states, called for the creation of a federal bank to provide credit to government and businesses, and to establish a national currency. The federal bank would act as the government’s fiscal agent and provide a safe place to store government funds.

Secretary of State Thomas Jefferson led the opposition to Hamilton’s plan. Jefferson represented the country’s agrarian interests, which looked with suspicion at a central government bank and generally favored state over federal powers. He argued that the Constitution did not expressly authorize the federal government to charter a national bank or issue paper currency.

Hamilton, supported by the Federalist Party, won the debate. The First Bank of the United States was chartered in 1791. A bill to re-charter the bank failed in 1811. Without a centralized banking and credit structure, state banks filled the vacuum, issuing a multitude of paper currencies of questionable value. Congress attempted to solve the country’s financial problems by chartering the Second Bank of the United States in 1816. This second bank lasted until President Andrew Jackson declared it unconstitutional and vetoed its re-charter in 1836.]]> 2019-04-30 15:43:08 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355494440 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355494476 Committee on Board Affairs
Governor Brainard, Chair
Governor Bowman]]> 2019-04-30 15:43:12 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355494476 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355494520 Committee on Consumer and Community Affairs
Governor Bowman, Chair
Governor Brainard]]> 2019-04-30 15:43:17 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355494520 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355494556 Committee on Economic and Monetary Affairs
Vice Chair Clarida, Chair]]> 2019-04-30 15:43:22 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355494556 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355494602 2019-04-30 15:43:26 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355494602 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355494620 2019-04-30 15:43:29 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355494620 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355494635 2019-04-30 15:43:30 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355494635 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355874824 A period known as the Free Banking Era followed the demise of the Second Bank of the United States. Over the next quarter century, U.S. banking was a hodgepodge of state-chartered banks not subject to federal regulation. By 1860, nearly 8,000 state banks operated, each issuing its own paper notes. Some of the more marginal institutions were known as “wildcat banks” supposedly because they maintained offices in remote areas (“where the wildcats are”) in order to make it difficult for customers to redeem their notes for precious metals.

The need for reliable financing during the Civil War prompted the passage of the National Banking Act in 1863. The legislation created a uniform national currency and permitted only nationally chartered banks to issue bank notes, but did not create a strong central banking structure.]]> 2019-05-01 16:44:26 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355874824 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355876343 As the industrial economy expanded, the weaknesses of the nation’s decentralized banking system became more acute. Bank panics or “runs” occurred frequently. Many banks did not keep enough cash on hand to meet unusually heavy demand. Panics and runs often occurred when customers lost confidence in their banks after hearing news of failures of other banks. Fearful customers would rush to their banks to withdraw money, which often could not meet the sudden demand for cash. That sometimes created a contagion that triggered a succession of bank failures. A particularly severe panic took place in 1907 that abated only when a private individual, the financier J.P. Morgan, personally intervened to arrange emergency loans for financial institutions. This episode fueled a reform movement, which prompted Congress to establish the Federal Reserve System in 1913.]]> 2019-05-01 16:47:40 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355876343 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355877385 Committee on Financial Stability
Governor Brainard, Chair
Vice Chair for Supervision Quarles]]> 2019-05-01 16:49:58 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355877385 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355877626 Committee on Federal Reserve Bank Affairs
Governor Brainard, Chair
Governor Bowman]]> 2019-05-01 16:50:15 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355877626 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355877874 Committee on Supervision and Regulation
Vice Chair for Supervision Quarles, Chair
Governor Brainard
Governor Bowman]]> 2019-05-01 16:50:45 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355877874 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355877920 Subcommittee on Smaller Regional and Community Banking
Governor Bowman, Chair
Governor Brainard]]> 2019-05-01 16:50:50 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355877920 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355878091 Committee on Payments, Clearing, and Settlement
Governor Brainard, Chair
Vice Chair for Supervision Quarles]]> 2019-05-01 16:51:05 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355878091 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355878825 2019-05-01 16:52:33 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355878825 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355879538 2019-05-01 16:53:58 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355879538 524664 https://padlet.com/524664/vm9dvpp2mdll/wish/355880341 click the link. the video is in there]]> 2019-05-01 16:55:25 UTC https://padlet.com/524664/vm9dvpp2mdll/wish/355880341