An overview of the Federal Reserve System

- Central Banking staff
- 23 Apr 2002

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FEATURE - In an interesting article Hoover's Company Profiles look at the history of the Federal Reserve. The Federal Reserve Act followed the panic which ensued after the failure of New York's Knickerbocker Trust Company in 1907. J. P. Morgan strong-armed his fellow bankers into supporting shaky New York banks at the time. The incident showed the need for a central bank and in 1913 the Federal Reserve Act allowed the Federal Reserve to set sail, just a year after the Titanic sank.

Where do banks

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