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The Crises That Led to the Fed’s Creation: Monetary Policy in American History
Thursday, July 16, 2026
1:00–2:00 pm EDT
The event will be offered both virtually and in person at the Bank’s location in downtown Cleveland. Following the session, in-person attendees may tour the Bank’s main building, constructed in 1923.
About the event
The Federal Reserve (or “the Fed”), America’s central bank, was established by Congress in 1913 mainly to conduct monetary policy. But how were these policy decisions handled before the Fed existed? Join us for a journey through the history of American monetary policy—including the crises that led to the Fed’s creation—with Owen Humpage, Cleveland Fed economist emeritus.
What you’ll discover
Humpage will take guests across the tumultuous monetary policy landscape of the 19th and early 20th centuries, including
- The institutions that conducted monetary policy before the Fed’s creation such as the nation’s first quasi-central banks, the US Treasury, and even a private bank organization—and why all of them were unsuccessful.
- The various economic and political crises that forced America’s monetary function to evolve.
- How the Fed was designed to help prevent future crises, including the importance of credibility, clear guidelines, and Fed independence to monetary policy.
Whether you’re curious about pre-Fed monetary policy or just into history, this is your chance to hear from an expert who spent his career at the Fed and who’s still studying its origins. No economics degree required—just bring your curiosity!
Humpage will answer questions during the question-and-answer portion of the event. Attendees can also submit questions in advance through the registration form.
Speaker
- Owen F. Humpage, economist emeritus, Federal Reserve Bank of Cleveland
Moderator
- Chuck Soder, senior media relations specialist, Federal Reserve Bank of Cleveland
Related resources
About Us
The Federal Reserve Bank of Cleveland (commonly known as the Cleveland Fed) is part of the Federal Reserve System, the central bank of the United States.
Understanding the Federal Reserve’s Structure
As the central bank of the United States, the Federal Reserve supports the effective operation of the US economy, acting in the public interest to promote the stability of the financial system.