After muddling along without a central bank for nearly 80 years, it took only 98 days for a committee commissioned by Congress to identify cities where Regional Federal Reserve Banks would be located and draw the respective District boundaries. The Federal Reserve System was up and running within a year of the signing of the Federal Reserve Act of 1913.
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After the 1907 panic ignited by Knickerbocker Trust's failure, Congress created the National Monetary Commission to reform the banking industry. Its leader formed a clandestine club that largely shaped the Federal Reserve Act.
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The U.S. central banking system was borne out of a 1907 panic involving a copper mining fortune. This is the first in a series of articles exploring the history.
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