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The Federal Reserve works to promote a safe, efficient, and accessible system for U.S. dollar transactions.

Drawing of magnetic tapes, the initial media for communicating Automated Clearing House payments. (<a href="">Source</a>: Northwestern Banker, August 1975: 76)
Automated Clearing House Payments

The Federal Reserve began operating an electronic payment Automated Clearing House system in the 1970s to provide a substitute for paper checks.

President Nixon prepares to announce new economic policies on a television broadcast.
Gold Convertibility Ends

President Nixon's 1971 economic plan, sometimes referred to as "Nixonomics," ended gold convertibility and imposed wage and price controls

President Roosevelt signs the Gold Reserve Act
Gold Reserve Act

The 1934 law was the culmination of FDR’s controversial gold program

Roy A. Young of the Boston Fed tells the Senate banking committee on January 19, 1933 that President Roosevelts gold plan would be helpful in reaching currency stabilization.
Roosevelt’s Gold Program

The controversial and consequential policies of FDR regarding gold and dollars

The Federal Reserve Leased Wire System in 1953, from the Federal Reserve Bank of Richmond 1953 Annual Report

Since 1915, the Federal Reserve has operated a wire payment system, known today as Fedwire.

A diagram of the flow of checks, from the Federal Reserve Bank of St Louis <em>Review</em>, February 1962.
Check Payments

Congress charged the Federal Reserve with using the nationwide scope of its operations to improve the check payments system

<p>President Wilson signing the Federal Reserve Act&nbsp;</p>
Federal Reserve Act Signed

The Federal Reserve Act became law in December 1913, culminating three years of debate