Federal Reserve Governance
Though Congress specifies the goals for monetary policy, it established the Federal Reserve as an independent agency to ensure that its decisions are based on facts and objective analysis and serve the best interests of all Americans.
Chair Janet Yellen presents the Monetary Policy Report to the Congress, July 15, 2014 (via the Board of Governors flickr)
Last updated October 12, 2023
Essays in This Theme
Banking Act of 1935 - This legislation restructured the Fed in both cosmetic and consequential ways
Depository Institutions Deregulation and Monetary Control Act - The 1980 Act was one of the most important laws to affect the Fed in its 100-year history
Employment Act of 1946 - President Truman signed the Act in 1946 in the aftermath of WWII
Federal Reserve Reform Act - This 1977 law was instrumental in shaping the current Fed
Full Employment and Balanced Growth Act - Commonly called Humphrey-Hawkins, the 1978 Act set new goals for the nation’s economic policymakers
Reserve Bank Organization Committee - The RBOC announced the location and district boundaries of the Reserve Banks in April 1914
Reserve Banks Open for Business - The twelve Federal Reserve Banks opened for business in November 1914
Transparency - Transparency has become a core principle of modern central banking
The Treasury-Fed Accord - The 1951 agreement that laid the foundation for the modern Federal Reserve
