The Federal Reserve was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law. It was established to serve as the central banking system of the United States, providing a safer, more flexible, and more stable monetary and financial system.
John Pierpont Morgan Sr. (April 17, 1837 – March 31, 1913) was an American financier and investment banker who dominated corporate finance on Wall Street throughout the Gilded Age and Progressive Era. As the head of the banking firm that ultimately became known as JPMorgan Chase & Co., he was the driving force behind a wave of industrial consolidations in the United States at the turn of the twentieth century.
John Pierpont Morgan Jr. (September 7, 1867 – March 13, 1943) was an American banker and finance executive.[1] He inherited the family fortune and took over the business interests including J.P. Morgan & Co. after his father, J. P. Morgan, died in 1913.
Key Historical Milestones
Initial Operations: The 12 regional Reserve Banks opened for business on November 16, 1914.
Chicago - Federal Reserve Bank
Structure: The system was designed as a compromise to avoid a single, all-powerful central bank, consisting of a central Board of Governors in Washington, D.C., and 12 regional Federal Reserve Banks.
Core Duties: Since its inception, the Fed's responsibilities have expanded to include setting the nation's monetary policy, supervising and regulating banks, maintaining the stability of the financial system, and providing financial services to the U.S. government.
The RMS Titanic sank in the early morning hours of April 15, 1912, disappearing beneath the North Atlantic Ocean at 2:20 a.m. This tragedy occurred roughly two hours and forty minutes after the "unsinkable" ocean liner sideswiped an iceberg on the night of April 14.
Key Timeline of the Disaster
April 10, 1912: Titanic departed on its maiden voyage from Southampton, England, bound for New York City.
April 14 (11:40 p.m.): The ship struck an iceberg, buckling the hull and causing five of its supposedly watertight compartments to flood.
April 15 (2:20 a.m.): The vessel completely slipped beneath the ocean surface.
Casualties: More than 1,500 passengers and crew lost their lives in the frigid water, making it one of the deadliest peacetime maritime disasters in history.
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