The Federal Reserve System was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law. Before the new central bank could begin operations, the Reserve Bank Operating Committee, consisting of Treasury Secretary William McAdoo, Secretary of Agriculture David Houston and Comptroller of the Currency John Skelton Williams, had the task of building a working institution from the basic framework of the new law. By November 16, 1914, the 12 regional Reserve Banks were open for business.
Today, the Federal Reserve sets the nation’s monetary policy, supervises and regulates banking institutions, maintains the stability of the financial system, and provides financial services to depository institutions, the U.S. government and foreign official institutions.
Explore the history of the Boston Fed, and its role supporting the cultural history of New England through economic means.
Interviews of Fed employees and external stakeholders examining the role and responsibilities of the System and how our work affects the lives of people both inside and outside the Fed
Frequently Asked Questions
Some Frequently Asked Questions (FAQs) related to the Centennial commemoration and the inventory of historical collections