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Updated:Apr 23, 2026
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Federal Reserve policy through World War I and the interwar period (1914-1928)

Federal Reserve policy through World War I and the interwar period (1914-1928)

  1. Federal Reserve Act creates the Federal Reserve

    Labels: Federal Reserve, Woodrow Wilson, Washington Board

  2. Benjamin Strong chosen to lead New York Fed

    Labels: Benjamin Strong, New York

  3. Twelve Reserve Banks open for business

    Labels: Twelve Reserve, Federal Reserve

  4. U.S. enters World War I, war finance begins

    Labels: U S, Liberty Bonds, Federal Reserve

  5. War Finance Corporation created to extend credit

    Labels: War Finance, U S

  6. World War I ends with the Armistice

    Labels: Armistice, World War, Federal Reserve

  7. 1920–1921 depression tests early Fed strategy

    Labels: 1920 1921, Federal Reserve

  8. Congress authorizes “progressive” discount rates

    Labels: Phelan Act, Federal Reserve

  9. Fed creates Open Market Investment Committee

    Labels: Open Market, Federal Reserve

  10. McFadden Act recharters Reserve Banks in perpetuity

    Labels: McFadden Act, Federal Reserve

  11. 1928 tightening targets stock-market speculation

    Labels: Stock speculation, Federal Reserve

  12. Benjamin Strong dies, ending an early era

    Labels: Benjamin Strong, New York