December 23, 1913 Federal Reserve Act signed President Woodrow Wilson signed the Federal Reserve Act, creating the U.S. central bank. 1914 Reserve Banks open The twelve regional Federal Reserve Banks began operations. 1917 Fed helps finance World War I The Federal Reserve supported wartime finance through government debt operations. 1923 Open Market Investment Committee formed Reserve Banks coordinated open market operations through a joint committee. 1929 Stock market crash tests the Fed The crash and ensuing crisis exposed weaknesses in the Federal Reserve System. 1933 Banking Act reshapes the system New Deal legislation restructured the Fed and expanded federal banking oversight. 1935 Modern FOMC structure established The Banking Act of 1935 created the Federal Open Market Committee in lasting form. 1942 Fed pegs rates during World War II The central bank supported wartime Treasury finance by maintaining low interest rates. 1951 Treasury-Fed Accord restores policy independence The accord separated debt management from monetary policy after World War II. 1971 End of dollar convertibility to gold The collapse of Bretton Woods altered the monetary environment in which the Fed operated. 1977 Federal Reserve Reform Act passed Congress made the Fed's objectives more explicit and increased accountability. 1978 Humphrey-Hawkins Act enacted The act reinforced the employment and inflation goals associated with the Fed's dual mandate. October 1979 Volcker launches anti-inflation shift The Fed tightened policy sharply to fight inflation, reshaping U.S. macroeconomics. 1980 Monetary Control Act expands Fed reach The law broadened reserve requirements and access to Federal Reserve services. 1987 Greenspan era begins amid market crash Alan Greenspan took office and soon faced the October 1987 crash. 2006 Bernanke becomes chair Ben Bernanke succeeded Alan Greenspan as chair of the Board of Governors. 2008 Emergency lending expands during financial crisis The Fed used extraordinary facilities to stabilize markets during the meltdown. October 2008 Fed gains authority to pay interest on reserves Congress authorized interest on reserves during the crisis response. November 2008 Credit facilities broaden crisis response Programs such as TALF extended Fed support beyond traditional channels. 2020 Fed revives emergency facilities during pandemic Section 13(3) authorities were used again as COVID-19 disrupted financial markets. 2022 Rapid rate increases begin against inflation The Fed launched an aggressive tightening cycle in response to elevated inflation. 2026 Federal Reserve remains the U.S. central bank More than a century after 1913, the Fed continues to guide monetary policy and financial stability. 1907 Panic of 1907 shakes the banking system The financial panic intensified calls for a central banking reform in the United States. 1908 Aldrich-Vreeland Act is enacted Congress passed emergency currency legislation and created the National Monetary Commission. 1910 Jekyll Island meeting takes place Leading bankers and policy figures met privately to draft a framework for central bank reform. December 23, 1913 Federal Reserve Act becomes law President Woodrow Wilson signed the Federal Reserve Act, creating the Federal Reserve System. August 10, 1914 First Federal Reserve Board is sworn in The first Federal Reserve Board formally began operations. November 16, 1914 Reserve Banks open for business The 12 regional Federal Reserve Banks opened and the new system became operational. 1917 Fed supports wartime finance During World War I the Federal Reserve played a major role in managing war finance and Treasury operations. 1923 Open market coordination begins The System created a committee to coordinate open market purchases among Reserve Banks. 1929 Great Depression begins The stock market crash ushered in the deepest crisis in Federal Reserve history. 1933 Banking Act of 1933 reforms the system Congress expanded federal banking reform during the Depression, including deposit insurance and structural changes. 1935 Banking Act of 1935 strengthens the Board The act reorganized the Federal Reserve System and created the modern Federal Open Market Committee. 1951 Treasury-Fed Accord is reached The accord restored greater Federal Reserve independence over monetary policy after World War II. 1970 Modern inflation era begins The Fed entered a period marked by inflation, unemployment pressures, and changing policy frameworks. 1979 Volcker shifts anti-inflation policy Chair Paul Volcker led a decisive tightening that made inflation control the Fed's central priority. 1987 Fed responds to Black Monday After the stock market crash, the Fed acted as a stabilizing lender and liquidity backstop. 1994 FOMC begins announcing rate decisions The Federal Open Market Committee moved toward greater transparency by announcing policy actions. 2007 Financial crisis begins Stress in housing and credit markets triggered the most severe Fed crisis response since the Great Depression. 2008 Emergency lending expands after Lehman The Federal Reserve launched extraordinary facilities to stabilize markets during the global financial crisis. 2020 Fed intervenes during the pandemic shock The central bank cut rates, restarted large-scale asset purchases, and opened emergency facilities during the COVID-19… 2022 Rapid rate hikes target inflation surge The Fed began an aggressive tightening cycle in response to the highest U.S. inflation in decades.