The 1906 earthquake
that devastated San Francisco ushered in our Federal Reserve System. The San Francisco quake led to a bank crisis a year later and widespread calls for a governmental body to regulate the country’s cash flow. The Federal Reserve has been with us ever since, recently taking a hands-on turn in the wake of the subprime mortgage meltdown.
For more information about the Federal Reserve Bank’s Learning Center visit clevelandfed.org.