1965: Great InflationThe Great Inflation period is 1965 through 1982.
1971: Gold Convertibility EndsWith inflation on the rise and a gold run looming, Nixon's team coordinated a plan for bold action.
1971: Smithsonian AgreementIn December 1971, monetary authorities from the world’s leading developed countries met at the Smithsonian Institution in Washington, D.C.
1973: Oil Shock of 1973–74From the vantage point of policymakers in the Federal Reserve, the 1973-74 oil crisis served to further complicate the macroeconomic environment, particularly in regard to inflation.
1977: Fed Reform Act of 1977The Federal Reserve Reform Act of 1977 was instrumental in shaping the current Federal Reserve System.
1978: Humphrey Hawkins ActThe Full Employment and Balanced Growth Act of 1978, commonly called Humprey-Hawkins, was passed in October 1978.
1978: Oil Shock of 1978–79Like its 1973–74 predecessor, the second oil shock of the 1970s was associated with events in the Middle East.
1979: Anti-Inflation ActionsOct. 6, 1979: Fed Chairman Volcker announced new measures by the FOMC aimed at reining in the rampant inflation that affected the US economy for several years.
1980: Savings & Loan CrisisIn the 1980s the financial sector suffered through a period of distress that was focused on the nation's savings and loan (S&L) industry.
1980: Monetary Control Act of 1980One of the most important pieces of legislation to affect the Federal Reserve in its hundred-year history is known formally as the Depository Institutions Deregulation and Monetary Control Act.
1981: Recession of 1981–82The 1981–82 recession was triggered by tight monetary policy in an effort to fight mounting inflation.
1982: Garn-St Germain ActDuring the 1970s the US economy was plagued by high inflation.