It was Cicero who said, “History is the witness that testifies to the passing of time; it illuminates reality, vitalizes memory, provides guidance in daily life, and brings us tidings of antiquity.”
Every now and then it is important to stand back and take a look at where we've been and how it is that we arrived at this particular place in history. The 75th anniversary of the Federal Reserve System gives us that opportunity to reflect on the banking conditions that prevailed before the enactment of the Federal Reserve Act of 1913. It also gives us reason to examine the present-day realities, in light of that historical perspective, in order to steer a course for the future that will take us into the 1990s and beyond.
This special anniversary issue of The Region is part of a year-long celebration at the Minneapolis Fed that will also include historical displays of photos and artifacts, an essay contest for Ninth District high school students on Fed independence, and an open house for employees and retirees.
We hope that you will enjoy The Region as it seeks to bring you “tidings of antiquity” and that you will join us in celebrating the 75th birthday of the Federal Reserve System.
—Gary H. Stern