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<p>Chair Janet Yellen presents the Monetary Policy Report to the Congress, July 15, 2014 (via the <a href="">Board of Governors flickr</a>)</p>

Though Congress specifies the goals for monetary policy, it established the Federal Reserve as an independent agency to ensure that its decisions are based on facts and objective analysis and serve the best interests of all Americans.

Chairman Volcker speaks at a meeting of administration officials and congressional leaders in 1980
Monetary Control Act

The 1980 Act was one of the most important laws to affect the Fed in its 100-year history

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

This 1977 law was instrumental in shaping the current Fed

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 Harry Truman Signs Employment Act of 1946
Employment Act

President Truman signed the Act in 1946 in the aftermath of WWII

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

Newly formed&nbsp;Federal Reserve Board with Federal Reserve Bank governors and&nbsp;bankers
Reserve Banks Open

The twelve Federal Reserve Banks opened for business in November 1914

New York's <em>The Sun</em> newspaper headline declared "New&nbsp;U.S. Banking System Announced" on <a href="">April 3, 1914</a>
Reserve Bank Organization Committee

The RBOC announced the location and district boundaries of the Reserve Banks in April 1914