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Submitted by orangeomega90 on May 20, 2008
Category: History Other
Words: 2836 | Pages: 12
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The United States lacked a central bank until the twentieth century, although there were two attempts to establish a central bank in the early 1800s. Without a money manager, the nation's financial system was like the nation itself--diverse and subject to uneven growth. As a result, there were frequent economic depressions and financial panics, and the Bank Panic of 1907 finally convinced the public that a central bank was necessary ____________________. Reform was difficult. In the more established eastern cities, business leaders wanted to create a national financial system. In the West and South, small businesses and farmers feared a national financial system would not provide enough easy credit to support their developing economies. In 1913, after considerable debate, Congress passed the Federal Reserve Act to balance the financial needs of the country ____________________. The nation needs a money manager because money does not manage itself. Money and credit are the lifeblood of the economy; they facilitate commerce, job creation, and business growth. As our nation's money manager, the Fed implements monetary policy to manage the flow of money and credit in the economy. If money and credit expand too rapidly, businesses cannot produce enough goods and services to keep up with increased spending. Prices may rise, causing inflation ____________________. If the flow of money and credit contracts too greatly, spending and business activity may dwindle, workers may lose their jobs, and a recession may result ____________________. As our nation's money manager, the Fed conducts monetary policy to attempt to balance these two extremes to keep prices steady, workers employed, and factories productive. The Federal Reserve System was created as an independent agency of the United States government to provide a safer, more flexible banking and monetary system ____________________. To ensure autonomy and to insulate the central bank from short-term partisan political...
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