![Federal Reserve Board Chairman William McChesney Martin, pictured beside President Lyndon Johnson, discusses the Board’s action on raising the discount rate at a December 1965 news conference.](/-/media/images/treasury_fed_accord_to_mid_1960s_720x450.jpg)
From 1951 to the mid-1960s, the Federal Reserve used the independence it gained with the Treasury-Fed Accord to create a new kind of monetary regime.
![U.S. Secretary of the Treasury Henry Morgenthau Jr. speaks at the conference which established the International Monetary Fund.](/-/media/images/bretton_woods_launched_720x450.jpg)
Bretton Woods Launched
The international currency system became operational in 1958
![Dwight D. Eisenhower Speaking to the Press](/-/media/images/bank_holding_company_act_720x450.jpg)
Bank Holding Company Act
In 1956, Congress gave the Fed increased oversight of the banking industry
![William McChesney Martin Jr. is sworn in as Chairman of the Federal Reserve Board of Governors](/-/media/images/treasury_fed_accord_720x450.jpg)
Treasury-Fed Accord
The 1951 agreement that laid the foundation for the modern Federal Reserve