Shortly after, the U.S. dollar, previously a pure silver coin, was replaced and redefined as Federal Reserve Notes. Then in 1977, Congress amended the Federal Reserve Act, revising the Fed's purpose.

The Fed meets 8 times a year to set monetary policy that affects how Americans borrow and save. Here's when its rate-setting ...

Introduction The U.S. central banking system—the Federal Reserve, or the Fed—is the most powerful economic institution in the United States, and perhaps the world.

As Peter Conti-Brown describes in his 2016 book, The Power and the Independence of the Federal Reserve, the Fed’s original central banking functions gave rise to indirect regulatory powers over ...

Passed by Congress in 1913, the Federal Reserve Act established a central bank for the United States and fostered stability in the country’s banking system. The early days of the U.S. banking ...

“Parity” was the term used in the law to insure that paper money was convertible for gold at the rate of a 20.67th of an ounce. So fundamental was gold to the Fed’s operations that its enabling ...

The Federal Reserve System includes 12 regional Federal Reserve Banks (FRBs), each one a separate corporation with its own shareholders, customers, and balance sheet. Considered on their own, with ...

By early next year, Roosevelt had signed the Gold Reserve Act of 1934, which transferred ownership of the country’s monetary gold from the Federal Reserve System to the U.S. Treasury.