How was the Federal Reserve System established? What is its organizational structure?
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The Federal Reserve System is the latest and most enduring solution for the need for a central bank of the United States. The earliest attempt was in 1791, but continual resistance on the part of the states to the degree of federal power that a central bank could represent foiled those early attempts. When the War of 1812 took place, there was a revival of the effort to form a central bank, in order to facilitate the financing of that war, but President Andrew Jackson, who was against any Federalist efforts, vetoed the rechartering of the bank in 1836. When the Civil War took place in the 1860's, the need for a common currency was finally fulfilled, but there was still no way to amicably establish a necessary ...
This is a description of the history and organization of the Federal Reserve System.