4  Originally, the preamble to the Federal Reserve Act of 1913 stated that the Federal Reserve System was created "[T]o furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes."
Macroeconomic objectives were explicitly introduced later, with the 1977 amendment of the Federal Reserve Act, which stated, "The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long-run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates."