A Brief History of the Federal Reserve Bank

Congressional Testimony
In 1978, Congress enacted legislation requiring the Federal Reserve Chairman to appear before lawmakers twice a year to discuss monetary policy goals and objectives. In this photo, Paul Volcker, who was appointed by President Carter as Fed Chairman in 1979, testifies before a Senate committee shortly after assuming office. Reappointed by President Reagan four years later, Volcker is widely credited with lowering inflation in the early 1980s.

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