1900-1919
Gold standard adopted by U.S./1900
Federal Reserve Act signed Dec. 23, 1913
Reserve Bank Organizing Committee (RBOC) begins work/1914
RBOC selects sites for 12 Federal Reserve Banks, including Minneapolis/April
2, 1914
1920s
Amendment to Federal Reserve Act adds eighth member to Federal Reserve
Board to represent agriculture/1922
U.S. Supreme Court decides against Fed coercive program on
par check payment/1923
MacFadden Act prohibits interstate banking and extends Federal Reserve
Banks' charters indefinitely/1927
1930s
Glass-Steagall Act separates commercial and investment banking and
permits use of U.S. government securities as collateral for Federal Reserve
Notes/1932
Securities Exchange Act provides for minimum margins on
purchases of securities on credit; regulated by Fed/1934
Reconstruction Finance Corporation permits Federal
Reserve to issue loans directly to businesses/1933
Banking Act of 1933/Establishes FDIC; places control
of open market operations under the Fed
Banking Act of 1935/Creates Federal Open Market
Committee; Federal Reserve Board becomes Board of Governors, membership
on the Board reestablished and terms set at 14 years
1940s
Employment Act of 1946/Establishes goals for national economic policy, including monetary policy
1950s
Bank Holding Company Act of 1956/Names Fed as regulator of companies owning two or more banks
1960s
Truth in Lending Act of 1968/Assigns regulatory role in interest rate
advertising to Fed (Regulation Z)
Par clearance statutes passed by various states eliminate
nonpar check payment in 9th district/1968-1970
Financial Institutions Supervisory Act of 1966/Strengthens
powers of bank supervisors
1970s
1970 amendments to Bank Holding Company Act of 1956 extend Fed regulation
to one-bank holding companies
Explosion of consumer credit legislation in mid '70s (about
13 various Acts); creation of Fed Consumer Affairs Division
Full Employment and Balanced Growth Act of 1978
(Humphrey-Hawkins Act)/Requires Fed to report to Congress twice a year
on monetary policy objectives
International Banking Act of 1978/Puts foreign
and domestic banks on equal footing
Financial Institutions Regulatory Interest Rates
Control Act of 1978/ Substantially increases regulation of insider trading
and changes some Regulation Q ceilings
1980s
Depository Institutions Deregulatory and Monetary Control Act of 1980/
Requires Fed to price its financial services available to all depository
institutions, and establishes reserve requirements for all eligible financial
institutions
Depository Institutions Act (Garn-St Germain) of 1982/Deregulates some
activities of banks and nonbank banks while prohibiting insurance activities
of banks
Competitive Equality Banking Act and Expedited Funds Availability Act
of 1987/Redefines nonbank banks and expands some bank powers; establishes
float rules for checks
