The Bank of England was established in 1694 and served as the central bank for a growing British Empire. It impressed Alexander Hamilton and influenced his vision for the financial system of the United States.

The New York Fed's mission is to strengthen the U.S. economy and enhance the stability of the financial system for all sectors of society.

The First Bank of the United States was established on February 25, 1791, as an early attempt at central banking in the United States, but its charter was not renewed in 1811.

In April 1816, the charter for the second Bank of the United States was signed into law, following the expiration of the first Bank's charter just before the War of 1812. The second Bank opened for business in Philadelphia in 1817.

In 1823, Nicholas Biddle took the leadership of the second Bank of the United States and his sound management is credited with contributing to economic growth.

Andrew Jackson, a follower of the Jefferson line, opposed the second Bank of the United States, viewing it as too powerful, insulated from congressional oversight, and harmful to states' attempts to manage their local economies. He also distrusted banks in general as dishonest players in the economy.

The act provided for nationally chartered banks with circulating notes backed by U.S. government securities, effectively creating a uniform currency for the nation.

A banking panic triggered the worst depression the United States had ever seen, leading to the intervention of financial mogul J.P. Morgan.

The Panic of 1907 was a financial crisis that led to the development of the Federal Reserve System to prevent future economic turmoil.

The act provided for emergency currency issue during crises and established the national Monetary Commission to search for a long-term solution to the nation’s banking and financial problems.

In November 1910, Senator Aldrich convened a secret conference at the Jekyll Island Club with leading financiers to discuss monetary policy and the banking system. The conference laid the groundwork for the design of a 'National Reserve Bank'.

The final report of the National Monetary Commission was published on January 11, 1911, providing insights and recommendations after investigating the Panic of 1907. This report influenced the subsequent creation of the Federal Reserve System.

The Glass-Willis proposal, submitted to President-elect Woodrow Wilson on December 26, 1912, suggested the creation of twenty or more privately controlled regional reserve banks, instead of a central bank. Wilson approved of the idea but also insisted upon the creation of a central board to control and coordinate the work of the regional reserve banks.

The Federal Reserve Act was passed in 1913, establishing the Federal Reserve as the central bank of the United States. It aimed to provide the nation with a safe, flexible, and stable monetary and financial system.

The Federal Reserve System, founded in 1913, serves as the central bank of the United States, ensuring a secure, adaptable, and steady financial environment for the nation.

The Pujo Committee, appointed by Congress to investigate banking and securities industry practices, issues a report that prompts Congress to establish the Federal Reserve System. The Fed is established to stabilize the nation's banking structure.

The Federal Reserve was established on December 23, 1913, with the signing of the Federal Reserve Act by President Woodrow Wilson. It was created to provide the country with a safer, more flexible, and more stable monetary and financial system.

On December 23, 1913, Congress passed the Federal Reserve Act, establishing the Federal Reserve System. President Woodrow Wilson signed the legislation on the same day, creating the central banking system in the United States.

Benjamin Strong, a key member of Morgan's company, became the president of the Federal Reserve Bank of New York in 1914. This appointment was significant as the New York Federal Reserve Bank was the most important regional branch.

John Skelton Williams becomes the Comptroller of the Currency on February 2, 1914.

On April 2, 1914, the Reserve Bank Organization Committee announced its decision to establish twelve Federal Reserve banks to cover various districts throughout the country. The New York Fed, with over $20,000,000 in capital stock, became the largest and most dominant bank in the system.

Charles S. Hamlin was appointed as the first chairman of the Federal Reserve Board in 1914 and was reappointed in 1916 and 1926, serving until February 1936.

On November 16, 1914, the 12 cities chosen as sites for regional Reserve Banks were open for business. This marked the operational beginning of the Federal Reserve System, coinciding with the outbreak of World War I in Europe.

The Federal Reserve Bank started providing payment services in 1915 to facilitate the transfer of funds between financial institutions.

On August 10, 1916, Paul M. Warburg was appointed as the Vice Governor of the Federal Reserve Board, serving until August 9, 1918.

On October 26, 1918, Albert Strauss was appointed as the Vice Governor of the Federal Reserve Board, serving until March 15, 1920.

W.G. McAdoo's term as the Secretary of the Treasury ends on December 15, 1918.

In 1919, the Federal Reserve Bank opened a branch in Buffalo to serve institutions in the westernmost counties of New York State. The branch was closed in October 2008.

On July 23, 1920, a new Vice Governor was appointed to the Federal Reserve Board, serving until September 14, 1930.

John Skelton Williams's term as the Comptroller of the Currency ends on March 2, 1921.

The Act of June 3, 1922, raised the number of members appointed by the U.S. President from five to six for the Federal Reserve Board.

Daniel R. Crissinger held the position of Governor of the Federal Reserve Board from May 1, 1923, to September 15, 1927. His term played a role in shaping the policies and operations of the Federal Reserve System during the 1920s.

In 1924, the Federal Reserve Bank of New York moved into its new home, which was designed by the architectural firm of York & Sawyer. The building's design was reminiscent of the palaces in Florence, Italy, and the bank's vaults were located 86 feet below street level, built on Manhattan's bedrock.

Roy A. Young served as the active executive officer of the Board from October 4, 1927, to August 31, 1930.

J.W. Pole was appointed as the Comptroller of the Currency on November 21, 1928 and served until September 20, 1932.

In October 1929, the stock market crashed, leading the nation into the worst depression in its history. Nearly 10,000 banks failed from 1930 to 1933, prompting President Franklin Delano Roosevelt to declare a bank holiday and seek solutions for the economic crisis.

Eugene Meyer assumed the role of the active executive officer of the Board from September 16, 1930, to May 10, 1933.

Wayland W. Magee's term expired in Kansas City on January 24, 1933.

On February 12, 1932, Ogden L. Mills assumed the role of ex-officio chairman of the Federal Reserve Board, as documented in the Annual Report of 1932. This appointment signified a significant change in the leadership of the Federal Reserve Board.

William H. Woodin was appointed as the Secretary of the Treasury on March 4, 1933 and served until December 31, 1933.

J.F.T. O'Connor was appointed as the Comptroller of the Currency on May 11, 1933 and served until February 1, 1936.

Eugene R. Black took over as the active executive officer of the Board from May 19, 1933, to August 15, 1934.

M.S. Szymczak was reappointed in 1936 and 1948 after serving in Chicago. He later resigned on May 31, 1961.

Henry Morgenthau, Jr. was appointed as the Secretary of the Treasury on January 1, 1934, and served until February 1, 1936.

Edmund Platt served from August 21, 1934, to February 10, 1936.

Marriner S. Eccles served as the active executive officer of the Board from November 15, 1934, to February 1, 1936.

The Banking Act of 1935 was approved on August 23, 1935, and became effective on February 1, 1936. It brought significant changes to the banking system and marked the end of the Secretary of the Treasury serving as Chairman of the Federal Reserve Board.

The Comptroller of the Currency served as a member of the Federal Reserve Board until the implementation of the Banking Act of 1935 on February 1, 1936.

Joseph A. Broderick resigned from his position on September 30, 1937, in New York.

In 1951, the Treasury-Fed Accord was reached, ending interest rate controls and allowing the Fed to use its monetary tools to control inflation.

The Bank Holding Company Act of 1956 designated the Fed as the regulator of bank holding companies owning more than one bank, expanding its regulatory authority in the banking sector.

J. Dewey Daane was reappointed in 1962 and served until February 13, 1976.

Sherman J. Maisel was appointed on November 29, 1963 and served until March 8, 1974.

Andrew F. Brimmer was appointed on April 30, 1965 and served through May 31, 1972.

William W. Sherrill resigned on March 9, 1966.

Arthur F. Burns was reappointed in 1968 and resigned on November 15, 1971.

John E. Sheehan's term began on January 31, 1970 and he resigned on March 31, 1978.

The Automated Clearinghouse Services were established by the Federal Reserve in 1974 to enable electronic payments and transfers between bank accounts.

In 1976, the Federal Reserve Bank opened a regional office in Utica, New York to provide commercial check processing and check adjustment services to financial institutions and Federal Reserve offices nationwide. The office was closed in March 2008.

In 1977, the Federal Reserve was given the dual mandate to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.

The Full Employment and Balanced Growth Act of 1978 amended the Employment Act of 1946 and made more explicit the Fed’s 'dual mandate' to support maximum sustainable employment and price stability.

In August 1979, Paul Volcker was sworn in as Fed chairman to take drastic action to break inflation’s stranglehold on the U.S. economy during the 1980s.

The Monetary Control Act of 1980 required the Fed to price its financial services competitively against private sector providers and to establish reserve requirements for all eligible financial institutions, marking the beginning of modern banking industry reforms.

The Fedwire Funds Services were introduced in 1981 by the Federal Reserve to facilitate real-time, high-value payments and transfers between banks.

The Fedwire Securities Services were launched in 1983 to provide a secure and efficient platform for the transfer and settlement of securities.

The stock market crashed on October 19, 1987, two months after Alan Greenspan took office as the Fed chairman.

David W. Mullins, Jr. assumed office as the Vice Chairman of the Federal Reserve on July 24, 1991.

In 1992, the Federal Reserve Bank opened an office in East Rutherford, New Jersey to handle currency and check processing operations as well as electronic payments.

Alan S. Blinder was appointed as the Vice Chairman of the Federal Reserve on June 27, 1994.

Alice M. Rivlin assumed office as the Vice Chairman of the Federal Reserve on June 25, 1996.

Roger W. Ferguson, Jr. was appointed as the Vice Chairman of the Federal Reserve on October 5, 1999.

The Federal Reserve responded to the terrorist attacks on September 11, 2001 by issuing a statement and taking actions to stabilize the U.S. financial markets. It lowered interest rates and provided significant loans to financial institutions to prevent a liquidity crunch.

Donald L. Kohn was appointed to the Federal Reserve on August 5, 2002.

In 2003, the Federal Reserve made changes to its discount window operations, setting rates above the Fed Funds rate and implementing rationing of loans to banks through interest rates.

Ben S. Bernanke was reappointed on February 1, 2006, after resigning on June 21, 2005.

Kevin M. Warsh was appointed to the Federal Reserve on February 24, 2006.

Randall S. Kroszner was appointed to the Federal Reserve on March 1, 2006.

Donald L. Kohn assumed office as the Vice Chairman of the Federal Reserve on June 23, 2006.

Ben S. Bernanke resigned from his position on June 30, 2006.

Elizabeth A. Duke was appointed to the Federal Reserve on September 5, 2006.

The Great Financial Crisis of 2007-09 led to a severe recession with a 4.5 percent decline in Gross Domestic Product (GDP) and a doubling of the unemployment rate from under 5 percent to 10 percent. The Federal Reserve took various actions to combat the crisis, including cutting the federal funds rate to zero and implementing large scale purchases of U.S. Treasury and mortgage-backed securities through quantitative easing.

Elizabeth A. Duke was appointed to the Federal Reserve on August 5, 2008.

Frederic S. Mishkin resigned from his position on January 21, 2009.

Daniel K. Tarullo resigned from his position on April 5, 2017.

Kevin M. Warsh resigned from his position on September 1, 2010.

Sarah Bloom Raskin resigned from her position on March 13, 2014.

The Independent Foreclosure Review was a comprehensive review of the foreclosure process of certain customers of 14 large mortgage servicers during 2009 and 2010.

Jerome H. Powell was reappointed on June 16, 2014.

Jeremy C. Stein resigned from his position on May 28, 2014.

Elizabeth A. Duke resigned from her position on August 31, 2013.

The Fed's centennial year began on December 23, 2013, marking the 100th anniversary of the signing of the Federal Reserve Act.

Ben S. Bernanke resigned from his position on January 31, 2014.

Janet Yellen assumed the role of Chair of the Board of Governors of the Federal Reserve System, overseeing the U.S. monetary policy and financial system.

Stanley Fischer resigned from his position on Oct. 16, 2017.

Lael Brainard resigned from her position on Feb. 18, 2023.

In December 2015, the FOMC began normalizing the stance of monetary policy by raising the federal funds rate and adjusting the size and composition of the Federal Reserve's balance sheet. This was done to foster macroeconomic objectives and improve labor market conditions.

The Board of Governors of the Federal Reserve System is a key component of the Federal Reserve System, responsible for overseeing the nation's monetary policy, supervising and regulating banks, maintaining financial stability, and conducting economic research.

The Board of Governors of the Federal Reserve System was last updated on April 21, 2017.

Randal K. Quarles resigned from his position on Dec. 25, 2021.

No specific event mentioned. Richard H. Clarida's significance is related to his role in the Federal Reserve System.

The FedNow® Service, announced by the Federal Reserve in 2019, aims to provide a real-time payment and settlement infrastructure to support faster payments in the United States.

In mid-2020, the FOMC introduced a new policy framework and retained highly accommodative monetary policy into 2021 to encourage further recovery of the economy. This policy framework aimed to address the economic impact of the COVID-19 pandemic and ensure market stability.

The Federal Reserve took forceful measures in March 2020, including open market operations, actions to improve liquidity conditions, programs to facilitate the flow of credit in coordination with the Treasury Department, and measures to encourage banks to use their capital and liquidity buffers to support the economy.

By mid-2020, the Federal Reserve's total assets stood near $7 trillion or 35 percent as a ratio of nominal GDP, reflecting the increase in the size of the balance sheet due to the measures taken in response to the economic impact of COVID-19.

Most of the funding programs established by the Federal Reserve in response to the COVID-19 pandemic were terminated at the end of 2020 or in early 2021 as financial market distress had largely abated.

The Federal Reserve conducted a review of its monetary policy strategy, tools, and communications in September 2021.

Lael Brainard's term as a member of the Federal Reserve Board and Board of Governors of the Federal Reserve System begins on May 23, 2022.

Michael S. Barr is appointed as a member of the Federal Reserve Board and Board of Governors of the Federal Reserve System on July 19, 2022.

The Board of Governors of the Federal Reserve System made the last update on May 18, 2023, providing information related to FedNews & Events, Monetary Policy, Supervision & Regulation, Financial Stability, Payment Systems, Economic Research, Data, Consumers & Communities.

Philip N. Jefferson is appointed as the Vice Chair for Supervision of the Board of Governors of the Federal Reserve System on September 13, 2023.