DOCSLIB.ORG

Federal Reserve Board Oral History Project: Interview with Paul A. Volcker

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Federal Reserve Board Oral History Project: Interview with Paul A. Volcker Federal Reserve Board Oral History Project Interview with Paul A. Volcker Former Chairman, Board of Governors of the Federal Reserve System Date: February 25, 2008; January 28, 2008; July 22, 2008; July 28, 2008; October 23, 2008; October 24, 2008; December 29, 2009; and March 24, 2010 Location: Washington, D.C., and New York, New York Interviewers: For February 25, 2008, David Skidmore and David H. Small; for January 28, 2008, Donald L. Kohn, Lynn S. Fox, and David H. Small; for July 22, 2008, Lynn S. Fox and David H. Small; for July 28, 2008, David H. Small, Lynn S. Fox, and Robbie Colby; for October 23, 2008, Lynn S. Fox, David H. Small, and Cynthia Rotruck Carter; for October 24, 2008, Lynn S. Fox, Cynthia Rotruck Carter, and David H. Small; and for December 29, 2009, and March 24, 2010, David H. Small and Jeffery Ernsthausen Federal Reserve Board Oral History Project In connection with the centennial anniversary of the Federal Reserve in 2013, the Board undertook an oral history project to collect personal recollections of a range of former Governors and senior staff members, including their background and education before working at the Board; important economic, monetary policy, and regulatory developments during their careers; and impressions of the institution’s culture. Following the interview, each participant was given the opportunity to edit and revise the transcript. In some cases, the Board staff also removed confidential FOMC and Board material in accordance with records retention and disposition schedules covering FOMC and Board records that were approved by the National Archives and Records Administration. Note that the views of the participants and interviewers are their own and are not in any way approved or endorsed by the Board of Governors of the Federal Reserve System. Because the conversations are based on personal recollections, they may include misstatements and errors. ii Contents February 25, 2008 (First Day of Interview) ................................................................................ 1 Family Background ......................................................................................................................... 1 January 28, 2008 (Second Day of Interview) ............................................................................ 29 Education and Early Training ....................................................................................................... 29 At Chase Manhattan Bank ............................................................................................................ 42 From Chase Manhattan Bank to the U.S. Treasury ...................................................................... 47 Becoming Undersecretary at Treasury ......................................................................................... 57 New York Reserve Bank President: 1975–79 ............................................................................. 64 Chairman of the Federal Reserve Board: August 1979–August 1987 ......................................... 72 July 22, 2008 (Third Day of Interview) ..................................................................................... 84 The New Operating Procedures: October 6, 1979 ....................................................................... 84 Relationship between Chairmen and Vice Chairmen ................................................................... 87 Working with Other Governors, Reserve Bank Presidents, and Board Staff ............................... 89 Relationship between the Fed and the Congress ........................................................................ 102 Volcker Constituency and Advisers during the Inflation-Fighting Years .................................. 114 July 28, 2008 (Fourth Day of Interview) ................................................................................. 119 Pressures on the Chairman .......................................................................................................... 119 Financial Crises in the 1980s ...................................................................................................... 132 1980 Credit Controls ................................................................................................................... 133 More on the Volcker Chairmanship: Leading Up to the 1984 Presidential Election ................ 142 The Chrysler Bailout ................................................................................................................... 148 Air Traffic Controllers Strike ..................................................................................................... 154 The Hunt Brothers and the Silver Crisis ..................................................................................... 154 iii Penn Central, Lockheed, Franklin National, and Other Crises ................................................... 157 Octover 23, 2008 (Fifth Day of Interview) .............................................................................. 160 NY Fed Presidency and Banking Regulation ............................................................................. 160 Investment Banks ........................................................................................................................ 170 Too Big to Fail ............................................................................................................................ 171 Financial Crises ........................................................................................................................... 171 Mark-to-Market Accounting ....................................................................................................... 179 E. Gerald “Jerry” Corrigan ......................................................................................................... 182 Management Philosophy and Issues ........................................................................................... 183 Banking Liberalization ............................................................................................................... 185 Regulatory Agencies ................................................................................................................... 188 Penn Square and Continental ...................................................................................................... 190 Current Financial Crisis .............................................................................................................. 197 October 24, 2008 (Sixth Day of Interview) ............................................................................. 198 Breakdown of the Bretton Woods System in 1971 and the “Volcker Group” ........................... 198 Capital Standards ........................................................................................................................ 201 Bank for International Settlements ............................................................................................. 205 Are Banks Special? ..................................................................................................................... 210 Efforts to Change the Regulatory Structure of Bank Supervision .............................................. 212 Texas Bank Failures .................................................................................................................... 216 The Perfect Regulator ................................................................................................................. 217 The Fed’s Role in the Payment System ...................................................................................... 220 Financial Crises ........................................................................................................................... 222 Fannie Mae and Freddie Mac ..................................................................................................... 230 iv Latin American Debt Crisis in 1982 ........................................................................................... 232 More on Too Big to Fail ............................................................................................................. 253 December 29, 2009 (Seventh Day of Interview) ..................................................................... 258 International Monetary Policy after the Demise of the Bretton Woods Agreement .................. 258 Chairman Volcker Outvoted on the Discount Rate: February 24, 1986 .................................... 268 Board Committees ...................................................................................................................... 276 Board’s Responsibility for Consumer Affairs ............................................................................ 276 Elections to the Board of Directors at the Reserve Banks .......................................................... 277 Supervision and Regulation at the Board and Reserve Banks .................................................... 279 Regulation in the Current Structure of Financial Markets and Institutions ................................ 284 March 24, 2010 (Eighth Day of Interview) ............................................................................. 292 Paul Volcker for Fed Chairmanship in 1965? ............................................................................ 292 Working at Wolfensohn and Company, LLC ............................................................................
Load more

Recommended publications
  • Paul H. Douglas Interviewer: John Newhouse Date of Interview: June 6, 1964 Place of Interview: Washington, D.C
    Paul H. Douglas, Oral History Interview – 6/6/1964 Administrative Information Creator: Paul H. Douglas Interviewer: John Newhouse Date of Interview: June 6, 1964 Place of Interview: Washington, D.C. Length: 33 pages, 2 addenda Biographical Note Douglas, a U.S. Senator from Illinois from 1949 to 1967, discusses his memories of John F. Kennedy as a Senator and as President, including his work on labor and civil rights legislation, among other issues. Access Open. Usage Restrictions According to the letter of agreement signed February 2, 1972, copyright of these materials has been assigned to the United States Government. Users of these materials are advised to determine the copyright status of any document from which they wish to publish. Copyright The copyright law of the United States (Title 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material. Under certain conditions specified in the law, libraries and archives are authorized to furnish a photocopy or other reproduction. One of these specified conditions is that the photocopy or reproduction is not to be “used for any purpose other than private study, scholarship, or research.” If a user makes a request for, or later uses, a photocopy or reproduction for purposes in excesses of “fair use,” that user may be liable for copyright infringement. This institution reserves the right to refuse to accept a copying order if, in its judgment, fulfillment of the order would involve violation of copyright law. The copyright law extends its protection to unpublished works from the moment of creation in a tangible form.
    [Show full text]
  • The Economic Club of New York 431 Meeting 106 Year September 9, 2013 the Honorable Henry M
    The Economic Club of New York 431st Meeting 106th Year September 9, 2013 ___________________________________ The Honorable Henry M. Paulson, Jr. Former U.S. Secretary of the Treasury Chairman of the Paulson Institute ___________________________________ Questioners: Andrew Tisch Former Chair of the Economic Club of New York Co-Chair of Loews Corporation Floyd Norris Chief Financial Correspondent, The New York Times The Economic Club of New York – Henry M. Paulson, Jr., – September 9, 2013 Page 1 Roger Ferguson: Well, good afternoon everyone. I would encourage all who have not yet done so to please take your seats so that we can get started with our program. And let me start by welcoming all of you to this, the 431st meeting of the Economic Club of New York. I am Roger Ferguson. I am the chairman of the club which is now in its 106th year as the nation’s leading non-partisan forum for economic policy speeches. Throughout the long history of the Economic Club of New York, we’ve had more than 1,000 guest speakers appear before us establishing a strong tradition of excellence which we continue today. I would like to begin by recognizing the 200 members of our Centennial Society who have contributed their support to the club to ensuring its continued financial stability. Thanks to all of you for helping to ensure the club can continue to fulfill its mission well into the next century. I would also like to welcome the students who are with us and to thank our members for making their attendance possible.
    [Show full text]
  • Federal Government
    FEDERAL GOVERNMENT Chapter 5 FEDERAL GOVERNMENT 261 PRESIDENT OF THE UNITED STATES George W. Bush – Texas (R) Term: Serving second term expiring January 2009. Profession: Businessman; Professional Baseball Team Owner; Texas Governor, 1995-2000. Education: Received B.S., Yale University, 1968; M.B.A., Harvard University, 1975. Military Service: Texas Air National Guard, 1968-1973. Residence: Born in New Haven, CT. Resident of Texas. Family Members: Wife, Laura Welch Bush; two daughters. www.whitehouse.gov VICE PRESIDENT OF THE UNITED STATES Richard B. Cheney – Wyoming (R) Term: Serving second term expiring January 2009. Profession: Public Official; White House Chief of Staff to President Gerald Ford, 1975-1977; U.S. Congressman, Wyoming, 1979-1989; Secretary of Defense, 1989-1993; Chief Executive Officer of the Halliburton Company. Education: Received B.A., University of Wyoming, 1965; M.A., University of Wyoming, 1966. Residence: Born in Lincoln, NE. Resident of Wyo- ming. Family Members: Wife, Lynne V. Cheney; two daugh- ters. www.whitehouse.gov 262 IOWA OFFICIAL REGISTER U.S. SENATOR Charles E. Grassley – New Hartford (R) Term: Serving fifth term in U.S. Senate expiring January 2011. Profession and Activities: Farmer and partner with son, Robin. Member: Baptist Church, Farm Bureau, Iowa Historical Society, Pi Gamma Mu, Kappa Delta Pi, Mason, International Association of Machinists, 1962-1971. Member: Iowa House of Representatives, 1959-1975; U.S. House of Representatives, 1975-1981. Elected to U.S. Senate, 1980; reelected 1986, 1992,
    [Show full text]
  • Chronology, 1963–89
    Chronology, 1963–89 This chronology covers key political and economic developments in the quarter century that saw the transformation of the Euromarkets into the world’s foremost financial markets. It also identifies milestones in the evolu- tion of Orion; transactions mentioned are those which were the first or the largest of their type or otherwise noteworthy. The tables and graphs present key financial and economic data of the era. Details of Orion’s financial his- tory are to be found in Appendix IV. Abbreviations: Chase (Chase Manhattan Bank), Royal (Royal Bank of Canada), NatPro (National Provincial Bank), Westminster (Westminster Bank), NatWest (National Westminster Bank), WestLB (Westdeutsche Landesbank Girozentrale), Mitsubishi (Mitsubishi Bank) and Orion (for Orion Bank, Orion Termbank, Orion Royal Bank and subsidiaries). Under Orion financings: ‘loans’ are syndicated loans, NIFs, RUFs etc.; ‘bonds’ are public issues, private placements, FRNs, FRCDs and other secu- rities, lead managed, co-managed, managed or advised by Orion. New loan transactions and new bond transactions are intended to show the range of Orion’s client base and refer to clients not previously mentioned. The word ‘subsequently’ in brackets indicates subsequent transactions of the same type and for the same client. Transaction amounts expressed in US dollars some- times include non-dollar transactions, converted at the prevailing rates of exchange. 1963 Global events Feb Canadian Conservative government falls. Apr Lester Pearson Premier. Mar China and Pakistan settle border dispute. May Jomo Kenyatta Premier of Kenya. Organization of African Unity formed, after widespread decolonization. Jun Election of Pope Paul VI. Aug Test Ban Take Your Partners Treaty.
    [Show full text]
  • The Federal Reserve Act of 1913
    THE FEDERAL RESERVE ACT OF 1913 HISTORY AND DIGEST by V. GILMORE IDEN PUBLISHED BY THE NATIONAL BANK NEWS PHILADELPHIA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Copyright, 1914 by Ccrtttiois Bator Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis History of Federal Reserve Act History N MONDAY, October 21, 1907, the Na­ O tional Bank of Commerce of New York City announced its refusal to clear for the Knickerbocker Trust Company of the same city. The trust company had deposits amounting to $62,000,000. The next day, following a run of three hours, the Knickerbocker Trust Company paid out $8,000,000 and then suspended. One immediate result was that banks, acting independently, held on tight to the cash they had in their vaults, and money went to a premium. Ac­ cording to the experts who investigated the situation, this panic was purely a bankers’ panic and due entirely to our system of banking, which bases the protection of the financial solidity of the country upon the individual reserves of banks. In the case of a stress, such as in 1907, the banks fail to act as a whole, their first consideration being the protec­ tion of their own reserves. PAGE 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis History of Federal Reserve Act The conditions surrounding previous panics were entirely different.
    [Show full text]
  • Conservative Collision Course?: the Tension Between Conservative Corporate Law Theory and Citizens United
    ISSN 1936-5349 (print) ISSN 1936-5357 (online) HARVARD JOHN M. OLIN CENTER FOR LAW, ECONOMICS, AND BUSINESS CONSERVATIVE COLLISION COURSE?: THE TENSION BETWEEN CONSERVATIVE CORPORATE LAW THEORY AND CITIZENS UNITED Leo E. Strine, Jr. Nicholas Walter Discussion Paper No. 788 08/2014 Forthcoming, Cornell Law Review, Volume 100, January 2015 Harvard Law School Cambridge, MA 02138 This paper can be downloaded without charge from: The Harvard John M. Olin Discussion Paper Series: http://www.law.harvard.edu/programs/olin_center/ The Social Science Research Network Electronic Paper Collection: http://ssrn.com/abstract=2481061 This paper is also a discussion paper of the Harvard Law School Program on Corporate Governance CONSERVATIVE COLLISION COURSE?: THE TENSION BETWEEN CONSERVATIVE CORPORATE LAW THEORY AND CITIZENS UNITED Leo E. Strine, Jr.∗ and Nicholas Walter∗∗ Forthcoming, Cornell Law Review, Volume 100, January 2015 ∗ Chief Justice, Delaware Supreme Court; Adjunct Professor, University of Pennsylvania Law School; Austin Wakeman Scott Lecturer, Harvard Law School; Senior Fellow, Harvard Program on Corporate Governance; Adjunct Professor, Vanderbilt University School of Law; Henry Crown Fellow, Aspen Institute. ∗∗ Law clerk, ; law clerk, Delaware Court of Chancery, 2012-13. The authors acknowledge the invaluable assistance of Elane Boulden, Jennifer Broder, Chelsea Darnell, and Vanessa Richardson, and are grateful for incisive thoughts from Lucian Bebchuk, John Coates, Erin Daly, Lawrence Hamermesh, Robert Post, Roberta Romano, Guhan Subramanian, Randall Thomas, and Michael Wachter. Abstract One important aspect of Citizens United has been overlooked: the tension between the conservative majority’s view of for-profit corporations, and the theory of for-profit corporations embraced by conservative thinkers.
    [Show full text]
  • Minutes of the Federal Open Market Committee April 27–28, 2021
    _____________________________________________________________________________________________Page 1 Minutes of the Federal Open Market Committee April 27–28, 2021 A joint meeting of the Federal Open Market Committee Ann E. Misback, Secretary, Office of the Secretary, and the Board of Governors was held by videoconfer- Board of Governors ence on Tuesday, April 27, 2021, at 9:30 a.m. and con- tinued on Wednesday, April 28, 2021, at 9:00 a.m.1 Matthew J. Eichner,2 Director, Division of Reserve Bank Operations and Payment Systems, Board of PRESENT: Governors; Michael S. Gibson, Director, Division Jerome H. Powell, Chair of Supervision and Regulation, Board of John C. Williams, Vice Chair Governors; Andreas Lehnert, Director, Division of Thomas I. Barkin Financial Stability, Board of Governors Raphael W. Bostic Michelle W. Bowman Sally Davies, Deputy Director, Division of Lael Brainard International Finance, Board of Governors Richard H. Clarida Mary C. Daly Jon Faust, Senior Special Adviser to the Chair, Division Charles L. Evans of Board Members, Board of Governors Randal K. Quarles Christopher J. Waller Joshua Gallin, Special Adviser to the Chair, Division of Board Members, Board of Governors James Bullard, Esther L. George, Naureen Hassan, Loretta J. Mester, and Eric Rosengren, Alternate William F. Bassett, Antulio N. Bomfim, Wendy E. Members of the Federal Open Market Committee Dunn, Burcu Duygan-Bump, Jane E. Ihrig, Kurt F. Lewis, and Chiara Scotti, Special Advisers to the Patrick Harker, Robert S. Kaplan, and Neel Kashkari, Board, Division of Board Members, Board of Presidents of the Federal Reserve Banks of Governors Philadelphia, Dallas, and Minneapolis, respectively Carol C. Bertaut, Senior Associate Director, Division James A.
    [Show full text]
  • National Academy of Arbitrators HISTORY COMMITTEE INTERVIEW Arthur Stark NAA President, 1977 Interviewed by Dennis Nolan May
    National Academy of Arbitrators HISTORY COMMITTEE INTERVIEW Arthur Stark NAA President, 1977 Interviewed by Dennis Nolan May 29,1980 1 ARTHUR STARK PRESIDENT OF THE NATIONAL ACADEMY OF ARBITRATORS 1977 TO 1978 INTERVIEWED BY DENNIS NOLAN AT THE CHICAGO HILTON AND TOWERS, CHICAGO, ILLINIOS MAY, 29, 1989 Dennis Nolan: This is Monday, May 29, in Chicago, Illinois, on the first day of the Annual Meeting of The National Academy of Arbitrators. I am Dennis Nolan and I am interviewing today Arthur Stark, who was president of The National Academy in 1977. Arthur, perhaps you could start us off with some information on your background. Could you tell me, first of all, where you were born, raised, educated. Arthur Stark: Well, I was born three score and ten years ago in New York City. I was raised in Manhattan, on the upper west side. I went to elementary and high school at something called the Ethical Cultures School in New York. We lived across the street from Columbia University on Broadway and 115th Street and I played on the Columbia tennis couirts. I went, are you interested 2 in college, at this point? Yes, you might as well, go on. Since Columbia was so close, I decided to go to College at the University of Chicago. The reason, principley, was that I was interested in labor relations even at that tender age. Looking around the country, there were two Universities that appealed to somebody like me. One was the University of Wisconsin, one was the University of Chicago and I chose Chicago.
    [Show full text]
  • Statement / by Donald Kohn ... Before the Subcommittee On
    Testimony Donald L. Kohn, Vice Chairman Federal Reserve independence Before the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, U.S. House of Representatives, Washington, D.C. July 9, 2009 Chairman Watt, Ranking Member Paul, and other members of the Subcommittee, I appreciate the opportunity to discuss with you the important public policy reasons why the Congress has long given the Federal Reserve a substantial degree of independence to conduct monetary policy while ensuring that we remain accountable to the Congress and to the American people. In addition, I will explain why an extension of the Federal Reserve’s supervisory and regulatory responsibilities as part of a broader initiative to address systemic risks would be compatible with the pursuit of our statutory monetary policy objectives. I also will discuss the significant steps the Federal Reserve has taken recently to improve our transparency and maintain accountability. Independence and Accountability A well-designed framework for monetary policy includes a careful balance between independence and accountability. A balance of this type conforms to our general inclination as a nation to have clearly drawn lines of authority, limited powers, and appropriate checks and balances within our government; such a balance also is conducive to sound monetary policy. The Federal Reserve derives much of the authority under which it operates from the Federal Reserve Act. The act specifies and limits the Federal Reserve’s powers. In 1977, the Congress amended the act by establishing maximum employment and price stability as our monetary policy objectives; the Federal Reserve has no authority to establish different objectives.
    [Show full text]
  • 167 Representatives on FY 07 Animal Welfare Funding Letter
    167 Representatives on FY 07 Animal Welfare Funding Letter Arizona Hawaii Missouri Pennsylvania Rep. Raul Grijalva (D) Rep. Ed Case (D) Rep. Russ Carnahan (D) Rep. Robert Brady (D) Rep. Ed Pastor (D) Rep. William Lacy Clay (D) Rep. Mike Doyle (D) Rep. Emanuel Cleaver (D) Rep. Phil English (R) Illinois Rep. Chaka Fattah (D) Arkansas Rep. Judy Biggert (R) Rep. Vic Snyder (D) Rep. Jerry Costello (D) Nevada Rep. Mike Fitzpatrick (R) Rep. Danny Davis (D) Rep. Shelley Berkley (D) Rep. Jim Gerlach (R) Rep. Rahm Emanuel (D) Rep. Todd Platts (R) California Rep. Lane Evans (D) Rep. Allyson Schwartz (D) Rep. Howard Berman (D) New Hampshire Rep. Curt Weldon (R) Rep. Mary Bono (R) Rep. Luis Gutierrez (D) Rep. Charles Bass (R) Rep. Lois Capps (D) Rep. Dan Lipinski (D) Rep. Bobby Rush (D) Rhode Island Rep. Susan Davis (D) New Jersey Rep. Anna Eshoo (D) Rep. Janice Schakowsky (D) Rep. Patrick Kennedy (D) Rep. John Shimkus (R) Rep. Robert Andrews (D) Rep. James Langevin (D) Rep. Sam Farr (D)* Rep. Jerry Weller (R) Rep. Mike Ferguson (R) Rep. Bob Filner (D) Rep. Rush Holt (D) Rep. Elton Gallegly (R) Rep. Frank LoBiondo (R) South Carolina Rep. Michael Honda (D) Indiana Rep. Frank Pallone, Jr. (D) Rep. James Clyburn (D) Rep. Tom Lantos (D) Rep. Dan Burton (R) Rep. Bill Pascrell, Jr. (D) Rep. John Spratt (D) Rep. Barbara Lee (D) Rep. Julia Carson (D) Rep. Joe Wilson (R) Rep. Donald Payne (D) Rep. Zoe Lofgren (D) Rep. Jim Saxton (R) Rep. Doris Matsui (D) Iowa Rep. Christopher Smith (R) South Dakota Rep.
    [Show full text]
  • Editorial IE 6 08.Indd
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Appelbaum, Eileen Article — Published Version The Obama moment Intereconomics Suggested Citation: Appelbaum, Eileen (2008) : The Obama moment, Intereconomics, ISSN 0020-5346, Springer, Heidelberg, Vol. 43, Iss. 6, pp. 314-315, http://dx.doi.org/10.1007/s10272-008-0265-8 This Version is available at: http://hdl.handle.net/10419/42015 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu DOI: 10.1007/s10272-008-0265-8 The Obama Moment he election of Barack Obama on November 4 to serve as the next president of the USA Twas a triumph of hope over history for America. In these perilous times we, along with millions in other lands, have pinned our hopes for the future on the intellect, inspiration and compassion of this gifted leader.
    [Show full text]
  • History of Federal Reserve Free Edition
    Free Digital Edition A Visual History of the Federal Reserve System 1914 - 2009 This is a free digital edition of a chart created by John Paul Koning. It has been designed to be ap- chase. Alternatively, if you have found this chart useful but don’t want to buy a paper edition, con- preciated on paper as a 24x36 inch display. If you enjoy this chart please consider buying the paper sider donating to me at www.financialgraphart.com/donate. It took me many months to compile the version at www.financialgraphart.com. Buyers of the chart will recieve a bonus chart “reimagin- data and design it, any support would be much appreciated. ing” the history of the Fed’s balance sheet. The updated 2010 edition is also now available for pur- John Paul Koning, 2010 FOR BETTER OR FOR WORSE, the Federal Reserve has Multiple data series including the Fed’s balance sheet, This image is published under a Creative Commons been governing the monetary system of the United States interest rates and spreads, reserve requirements, chairmen, How to read this chart: Attribution-Noncommercial-No Derivative Works 2.5 License since 1914. This chart maps the rise of the Fed from its inflation, recessions, and more help chronicle this rise. While Start origins as a relatively minor institution, often controlled by this chart can only tell part of the complex story of the Fed, 1914-1936 Willliam P. Harding $16 Presidents and the United States Department of the we trust it will be a valuable reference tool to anyone Member, Federal Reserve Board 13b Treasury, into an independent and powerful body that rivals curious about the evolution of this very influential yet Adviser to the Cuban government Benjamin Strong Jr.
    [Show full text]