In 1914, the Federal Reserve opened its doors to stabilize the American economy
Following decades of financial panics and bank runs, the United States launched a centralized banking system in 1914 to provide a 'lender of last resort' and bring order to a chaotic national economy.
The Federal Reserve officially opened its doors on November 16, 1914, forever changing how money moves through the world. Before this moment, the United States lacked a central bank, leaving the economy vulnerable to frequent, devastating financial panics where banks would simply run out of cash.
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