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By creating the Federal Reserve System, Congress intended to eliminate
the severe f inancial crises that had periodically swept the nation, especially
the sort of f inancial panic that occurred in 1907. During that episode,
payments were disrupted throughout the country because many banks
and clearinghouses refused to clear checks drawn on certain other banks,
a practice that contributed to the failure of otherwise solvent banks. To
address these problems, Congress gave the Federal Reserve System the
authority to establish a nationwide check-clearing system. The System,
then, was to provide not only an elastic currency—that is, a...
Nội dung trích xuất từ tài liệu:
Memorandum of Understanding between HM Treasury, the Bank of England and the Financial Services Authority
