Fed Governance

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

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

Full Employment and Balanced Growth Act
Commonly called Humphrey-Hawkins, the 1978 Act set new goals for the nation’s economic policymakers

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.](/-/media/images/great_inflation_1_720x450.jpg)
Great Inflation
The defining macroeconomic period of the second half of the 20th century lasted from 1965 to 1982

Treasury-Fed Accord
The 1951 agreement that laid the foundation for the modern Federal Reserve

Banking Act of 1935
This legislation restructured the Fed in both cosmetic and consequential ways