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Fed Governance


Job seekers line up to apply for positions at an American Apparel store April 2, 2009, in New York City.
Great Recession and After

The deep, protracted downturn in 2007-09 was followed by an unusually slow recovery

Federal Reserve Board Chairs Ben Bernanke, Paul Volcker, and Alan Greenspan.
Great Moderation

This period of relative macroeconomic stability lasted from the mid-1980s to 2007

Senator Muriel Humphrey shakes hands with President Jimmy Carter after the signing of the Humphrey-Hawkins Act
Full Employment and Balanced Growth Act

Commonly called Humphrey-Hawkins, the 1978 Act set new goals for the nation’s economic policymakers

Fed Chairman Arthur Burns (left) with President Jimmy Carter, future Fed Chairman G. William Miller, and Miller's wife Ariadna Miller 
Federal Reserve Reform Act

This 1977 law was instrumental in shaping the current Fed

Close-up of a "Whip Inflation Now" [WIN] button, President Ford's symbol of the fight against inflation.
Great Inflation

The defining macroeconomic period of the second half of the 20th century lasted from 1965 to 1982

William McChesney Martin Jr. is sworn in as Chairman of the Federal Reserve Board of Governors
Treasury-Fed Accord

The 1951 agreement that laid the foundation for the modern Federal Reserve

President Roosevelt chats with various politicians and administration officials as he signs the Banking Act of 1935.
Banking Act of 1935

This legislation restructured the Fed in both cosmetic and consequential ways