Join the Federal Reserve Bank of Cleveland for a program that explores why the US central bank exists and why it’s structured the way it is. A banking panic in 1907 is only one part of the Fed’s origin story to come from economist emeritus Owen F. Humpage, who is currently exploring the monetary, banking, and political developments that led to the creation of the Federal Reserve System.
Questions arose then, in the early 1900s, about whether a decentralized system or centralized structure was best, and whether bankers or government should manage that system. The structure of the Federal Reserve System that emerged from the debates and compromises resembled nothing the world had ever seen.
Architect Tom Veider will also present his research about the history of the Federal Reserve Bank of Cleveland’s building and its connections to Cleveland’s architectural past. After both presenters delve into the past, they’ll take present-day audience Q&A.