Describe the history of the Federal Reserve System (the Fed), and not central banking in general. What makes the Fed unique among central banks? Include an explanation of all the tools the Fed uses to contract and expand the economy using money supply and interest rates.
Your case should have an INTRODUCTION that states a thesis or point that you are making, a BODY that explains each point and gives examples, and a CONCLUSION that sums up the case and restates the thesis.© BrainMass Inc. brainmass.com July 19, 2018, 2:01 am ad1c9bdddf
Banks work because of the trust given to them by depositors. For a wider scope, the Federal Reserve serves as a catalyst of economic growth.
The Federal Reserve System
The Federal Reserve Act of 1913, passed by the United States Congress, established the nation's central banking system-the Federal Reserve. The Federal Reserve was not the first central bank in the nation's history, but it was the most powerful and expansive. As such, the Federal Reserve Act could be considered a sum of all prior efforts to provide the US with a central bank. The bank was intended to deliver on an elastic currency system, circulate a Federal Reserve note, and serve to regulate and monitor the country's credit and financial system in the best interest of the American people (Wise Geek, 2012).
Wise Geek further clarified that "at the time the act was signed into law by President Woodrow Wilson, on the eve of December 23, 1913, the Federal Reserve Act was the first major act of law which sought to create a ...
This solution traces the origin and history of the Federal Reserve.