jan 1, 1913 - Federal Reserve System
Description:
President Woodrow Wilson signed for the Federal Reserve Act, which introduced a decentralized central bank, set up similarly to a corporation, which balanced the interests of private banks and populist sentiments. Any bank that joined had to buy stock in the bank, which put the ownership of the Fed in the banks rather than the government. It replaced all other federal tenders with Federal Reserve Notes. The Fed still operates today.Added to timeline:
Date:
jan 1, 1913
Now
~ 112 years ago