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289cture">Structure of the Fed</a> 290 291 292 293 294 295 296 297 <a class="dropdown-item" href="/topics/fed-functions">Purposes and Functions</a> 298 299 300 301 302 303 304 </div> 305 </li> 306 307 308 309 310 <li class="nav-item"> 311 <a class="nav-link fw-bold" href="/historians-corner">Historian's Corner</a> 312 </li> 313 314 315 </ul> 316 317 318 319 <ul class="navbar-nav ms-auto"> 320 <li class="nav-item dropdown"> 321 <a class="nav-link dropdown-toggle" href="#" id="navbarDropdownRight" role="button" data-bs-toggle="dropdown" aria-haspopup="true" aria-expanded="false"> 322 About 323 </a> 324 <div class="dropdown-menu" aria-labelledby="navbarDropdownRight"> 325 326 <a class="dropdown-item" href="/about">About This Site</a> 327 328 <a class="dropdown-item" href="/historian">Federal Reserve Historian</a> 329 330 <a class="dropdown-item" href="/authors">Our Authors</a> 331 332 <a class="dropdown-item" href="/related-resources">Related Resources</a> 333 334 </div> 335 </li> 336 </ul> 337 338 339 </div> 340 </nav> 341 </div> 342</div> 343 344 345 346 347 348 349 350 351 352
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397 398 399 </div> 400</div> 401 402 403<div class="component content col-12"> 404 <div class="component-content"> 405 </div> 406</div> 407</div> 408 </div> 409 </header> 410 <!-- /#header --> 411 <!-- #content --> 412 <main> 413 <div id="content" class="container"> 414 <div class="row"> 415 416<div class="component content"> 417 <div class="component-content"> 418<div class="row mb-1"> 419 <div class="col-12 col-lg-6 col-light-background border-lg-end border-white"> 420 <div class="pt-3"> 421 <div class="row px-4 pb-4 darklinks"> 422 <div class="col-12"><h2>The Federal Reserve's History</h2></div> 423 <div style="display:flex; gap: 15px;"> 424 <div class="d-none d-md-block mr-3" style=""> 425 <img src="/-/media/Project/FedHistory/FedHistory/Images/structurefrs_bog_1981_wh.png?h=300&iar=0&w=300&hash=C683E724FFECAA01C0117EA6925A37FF" class="img-fluid" alt="Stylized text block reading The Federal Reserve System" width="300" height="300" style=" display: flex; flex: 1 1 70%; align-items: flex-start;" /> 426 </div> 427 <div style="display: flex; flex: 1 1 40%;"> 428 <p>Begin learning about the Federal Reserve's history in <a href="/essays/federal-reserve-history">this overview essay</a></p> 429 </div> 430 </div> 431 </div> 432 </div> 433 </div> 434 <div class="col-12 col-lg-6 border-lg-start border-white position-relative mt-lg-0 mt-1" style="background-color: #e9eaeb; min-height: 254px;"> 435 436 <div class="pt-3 featured-content-background d-none d-md-block" style="height: 90%; top: 4%; position: absolute; width: 90%; left: 5%; background-image: url(/-/media/Project/FedHistory/FedHistory/Images/featured/ach-map-featured.png); background-repeat: no-repeat; background-size: cover;"> 437 <div class="row pt-2 darklinks featured-content-text" style="max-height: 67%; position: absolute; left: 5%; background-color: #e9eaeb; transform: translateY(33%)"> 438 <div class="col-12 featured-content-blurb-div"> 439 <h2><a href="/essays/automated-clearing-house">Featured Essay</a></h2> 440 441 <p>The Federal Reserve began operating an ACH electronic payment system in the 1970s</p> 442 443 <p class="sr-only">Image Description: Featured Essay</p> 444 <p class="sr-only">Image Source: </p> 445 </div> 446 </div> 447 </div> 448 <div class="pt-3 d-block d-md-none"> 449 <div class="row px-4 pb-3 darklinks"> 450 <img class="img-fluid mb-2" src="/-/media/Project/FedHistory/FedHistory/Images/featured/ach-map-featured.png" /> 451 <div class="col-12 featured-content-blurb-div"> 452 <h2><a href="/essays/automated-clearing-house">Featured Essay</a></h2> 453 454 <p>The Federal Reserve began operating an ACH electronic payment system in the 1970s</p> 455 456 <p class="sr-only">Image Description: Featured Essay</p> 457 <p class="sr-only">Image Source: </p> 458 </div> 459 </div> 460 </div> 461 </div> 462 </div> 463 464 <div class="row mb-1"> 465 <div class="col-12 col-md-6 col-dark-background border-end border-white"> 466 <div class="pt-3 "> 467 <div class="row px-4 pb-4 darklinks"> 468 <div class="col-12"> 469 <h2> 470 471 <a href="/historian-corner">History and Policy</a> 472 473 </h2> 474 </div> 475 <div class="col-12"> 476 <p> Learn about the history behind Federal Reserve policy efforts.</p> 477 </div> 478 </div> 479 </div> 480 </div> 481 <div class="col-12 col-md-6 col-dark-background border-start border-white"> 482 <div class="pt-3 "> 483 <div class="row px-4 pb-4 darklinks"> 484 <div class="col-12"> 485 <h2> 486 487 <a href="/topics">Explore Fed History by Topic</a> 488 489 </h2> 490 </div> 491 <div class="col-12"> 492 <p>
492Browse essays by theme.</p> 493 </div> 494 </div> 495 </div> 496 </div> 497 </div> 498 499 <div class="row mb-1"> 500 <div class="col-12 border-end border-white col-light-background"> 501 <div class="pt-3"> 502 <div class="row px-4 pb-4 darklinks"> 503 <div class="col-12 mt-1"> 504 <h2>What's New</h2> 505 </div> 506 <div class="col-12"> 507 <p><a href="/essays/fomc-executive-committee">New: An essay on the FOMC's Executive Committee, a smaller decisionmaking committee active from 1933 to 1955 </a>(2026-08-14)</p> 508 509 <p><a href="/essays/federal-reserve-building-tax-dispute">Our newest essay explores the Federal Reserve building tax dispute of 1939-1941 </a>(2026-07-06)</p> 510 511 <p><a href="/essays/money-market-mutual-funds">A new essay describes money market mutual funds and their importance in short-term markets </a>(2025-12-12)</p> 512 513 </div> 514 <div class="col-12"> 515 <p><a href="/whats_new">View All</a></p> 516 </div> 517 </div> 518 </div> 519 </div> 520 </div> </div> 521</div> 522</div> 523 </div> 524 </main> 525 <!-- /#content --> 526 <!-- #footer --> 527 <footer> 528 <div id="footer" class="container"> 529 <div class="row"> 530 531 532 533<div class="component content"> 534 <div class="component-content"> 535 536<div class="row border-top mt-3 mb-2 pt-2"> 537 <div class="col-12"> 538 <h5><a href="/">Federal Reserve History</a></h5> 539 </div> 540 <div class="col-12 col-md-8"> 541 542 543 <a href="/about">About</a><br /> 544 545 <a href="/authors">Our Authors</a><br /> 546 547 <a href="/terms-of-use">Terms of Use</a><br /> 548 549 <a href="/privacy-policy">Privacy Policy</a><br /> 550 551 <a href="/sitemap">Sitemap</a><br /> 552 553 554 </div> 555 <div class="col-12 col-md-4"> 556 <div class="text-md-end"> 557 558 559 560 <div class="footer-logo"><a href="/contact-us"> 561 Contact Us <i class="fas fa-envelope"></i> 562 563 </a> 564 </div> 565 566 567 568 <div class="footer-logo"><a href="http://twitter.com/FedHistory"> 569 @FedHistory 570 571 <img src="/-/media/Project/FedHistory/FedHistory/x-logo-black.png" class="x-logo-black" /> 572 573 </a> 574 </div> 575 576 577 578 579 </div> 580 </div> 581</div> </div> 582</div> 583</div> 584 </div> 585 </footer> 586 <!-- /#footer --> 587</div> 588<!-- /#wrapper --> 589 590 591 592 593
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