Library of Economics and Liberty(Liberty Fund)

The Library of Economics and Liberty is dedicated to advancing the study of economics, markets, and liberty. It offers a unique combination of resources for students, teachers, researchers, and aficionados of economic thought.

The website is provided by Liberty Fund, Inc., a private, educational foundation established to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities, with the goal of fostering discussion and thought on enduring topics pertaining to the creation and maintenance of such a society.

Federal Reserve System

Several monetary institutions appeared in the United States prior to the formation of the Federal Reserve System, or Fed. These were, in order: the constitutional gold (and bimetallic) standard, the First and Second Banks of the United States, the Independent Treasury, the National Banking System, clearinghouse associations, and the National Reserve Association. The Fed was the last such institution founded. Although it has endured, the present-day Fed would be unrecognizable to its founders.

Federal Reserve

What is the Federal Reserve System?
The Federal Reserve System, often referred to as the Federal Reserve or simply “the Fed,” is the central bank of the United States. It was created by Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role has evolved and expanded.

When was the Federal Reserve created?
The Federal Reserve was created on December 23, 1913, with the signing of the Federal Reserve Act by President Woodrow Wilson. The act had been drafted as House Resolution 7837 by Representative Carter Glass (D-VA), incoming chairman of the House Banking and Currency Committee.