To achieve this goal, I have organized my paper into three main sections, which have sub-sections. In the first section, I discuss why the Federal Reserve System was needed and the banks that preceded it. In the second section, I discuss the creation of the Federal Reserve System, key Acts that have affected it, and the evolution of its structure. I end my paper with a third section that explores the responsibility of the Federal Reserve System to be the monetary policy authority for the United States.
NEED FOR A NATIONAL BANK
After the War for Independence, the United States was in great need for financial structure. The war had caused economic disruption throughout the new country and the new country needed re-establish commerce, repay war debt, restore the value of the currency, and lower inflation. Alexander Hamilton, the first Secretary of the Treasury, decided to research the economic struc...
... middle of paper ...
...as over 75 years later before it made its last attempt, which is the system we have in place today. The Federal Reserve System has made many changes since it was first implemented but it remains the monetary policy authority it was created to be.
"The Structure of the Federal Reserve System." The Federal Reserve System Online. U.S. Federal Government, 08 Jul 2003. Web. 17 Sep 2011.
Todd, Tim. The Balance of Power. First. Kansas City: Federal Reserve Bank, 2009. 1-2. Print.
United States. First Bank of the United States. Philadelphia: Federal Reserve Bank of Philadelphia, 2009. Web.
United States. History of Central Banking. Philadelphia: Federal Reserve Bank of Philadelphia, 2010. Web.
United States. Second Bank of the United States. Philadelphia: Federal Reserve Bank of Philadelphia, 2010. Web.
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