Brief Analysis Of The History Of The Federal Reserve System From 1967 To 1997
When the Federal Reserve Act was created just past the turn of the century, the intent was to grant the Fed only one basic tool of monetary policy, the control of discount loans to member banks (Mishkin 1997). These powers were broadened during the Great Depression when the Board of Governors was given the authority to control the Reserve Funds (Mishkin 1997). From 1960 on, the Federal Reserve has assumed even greater powers, and the accrual of these powers is attributed to the man who has directed it for almost 10 years, Allen Greenspan.
A Quick Look at the Fed
The Federal Reserve Bank is a strange governmental creature …