Tuesday, November 9th

You will begin looking at the Federal Reserve Banking system tonight - known as the FED for short. I want you to learn some of the history. Read the questions below first, and when you come upon them you will find your answers.

The FED is one of THE most important government organizations in our country. We will look more closely at it tomorrow.

Here is the website  and browse the history...

Read these first - then copy/paste and bring tomorrow!

• “Not worth a continental!

What did this phrase mean?

 

What did it refer to? Explain

• The current Federal Reserve Banking system was established in 1913. But there was an earlier attempt to set up a central bank of the United States. What was it called? Who was responsible for creating it? What happened to it?
• During the “Free Bank” period in U.S. Banking history what did banks use to back up their accounts?
• Between 1873 and 1907 U.S. currency went through periods of instability this caused___________ on banks and other panics which lead to a __________________, one of the worst this country had seen. Through the efforts of ____________________ the nation was able to stave off disaster. Our banking and financial institutions needed some serious changes.
• Who created the FED and what was the act called?
• During the depression from 1930-1933 ________________________banks failed in the United States. By the mid-1930’s our country’s banks were off the __________________ standard. The government began selling/buying its own _______________ through the Fed.
• Since then the Fed has undergone many changes to help stabilize our economy and encourage its growth. During the tenure of __________________________ our country has experienced the longest peacetime expansion in our history.
• What role did the FED have in trying to lessen the effects of the Sept. 11, 2001?