The Federal Reserve’s 12 districts reflect an economy that no longer exists
- September 21, 2022
- Gary Richardson, economics, Marketplace, Sept. 21, 2022 (Audio)
The reason the Fed’s district map looks so uneven goes back to 1913, the year the Federal Reserve System was created. “Everyone figured if you created one bank, it would get controlled by New York bankers,” said Gary Richardson, a professor of economics at the University of California, Irvine. Between 2012 and 2016, Richardson served as the Fed’s first historian.
For the full story, please visit https://www.marketplace.org/2022/09/21/the-federal-reserves-12-districts-reflect-an-economy-that-no-longer-exists/.
Related News Items
- The rise of the regional Fed speech
- Why are Federal Reserve regional banks listed on U.S. currency?
- What happens when $2 trillion is sucked out of the global economy? It may not be pretty
- The Fed could be on the verge of repeating its 1970s mistake, Fed historian says
- Ron DeSantis' baseless theory that the government wants to control people's purchases