With so much history steeped in these halls, I hesitate to mention that the Federal Reserve is marking its 100th anniversary this year. The Federal Reserve Act of 1913 created a uniquely American approach to a central bank – a decentralized central bank – with 12 independent Federal Reserve Banks around the country and a Board of Governors in Washington, D.C.
This unique governance structure requires that I forewarn you that the views I express are my own and do not necessarily reflect those of the Federal Reserve System or my colleagues on the Federal Open Market Committee (FOMC). Economic conditions The U.S. economy is now nearly five years into a recovery that began in June 2009.