Here’s a look at some of the major events that helped shape the Federal Reserve’s 100-year history.
The United States had two central banks in the first part of the 19th century, but both were closed amid political opposition to centralized financial authority. Through the late-19th century, there was no central bank — and a series of financial panics. But the onset of the Panic of 1907 helped change all of that. It all started with the 1906 San Francisco earthquake, which made deposits unavailable for weeks because they were locked in vaults that were hot from fires.AP