The has been in the news a lot these days as people keep an eye on whether the nation?'s central bank is about to raise interest rates. It seems like it?'s been a permanent part of America, but in terms of history, the Fed is relatively new.
For nearly a century, the U.S was alone among developed nations, refusing to consider any central or organizing agency in its financial system.
That changed in 1913 when Congress enacted a controversial law that gave America its first central bank. In his new book, , former Wall Street Journal reporter Roger Lowenstein looks at the history of the Fed and how many of the issues surrounding it are still in play today.