The Federal Reserve (or "the Fed"), America's central bank, was established by Congress in 1913 mainly to conduct monetary policy. But how were these policy decisions handled before the Fed existed? Join us for a journey through the history of American monetary policy—including the crises that led to the Fed's creation—with Owen Humpage, Cleveland Fed economist emeritus.

Humpage will take guests across the tumultuous monetary policy landscape of the 19th and early 20th centuries, including

• The institutions that conducted monetary policy before the Fed's creation such as the nation's first quasi-central banks, the US Treasury, and even a private bank organization—and why all of them were unsuccessful.
• The various economic and political crises that forced America's monetary function to evolve.
• How the Fed was designed to help prevent future crises, including the importance of credibility, clear guidelines, and Fed independence to monetary policy.

Whether you're curious about pre-Fed monetary policy or just into history, this is your chance to hear from an expert who spent his career at the Fed and who's still studying its origins. No economics degree required—just bring your curiosity!

Humpage will answer questions during the question-and-answer portion of the event. Attendees can also submit questions in advance through the registration form.

• Owen F. Humpage, economist emeritus, Federal Reserve Bank of Cleveland

• Chuck Soder, senior media relations specialist, Federal Reserve Bank of Cleveland

Join us for a discussion of the latest Small Business Credit Survey (SBCS), administered in fall 2025, and the key findings from the recently released 2026 Report on Employer Firms: Findings from the 2025 Small Business Credit Survey.

Through the presentation, you will discover the key trends impacting small businesses, including

• Their revenue and employment growth and expectations for future growth
• Where owners are seeking funding and whether they can meet their financing needs
• The impacts of changes in international trade and availability of artificial intelligence (AI) tools

The SBCS has been administered nationally since 2016 by the 12 Federal Reserve Banks in collaboration with community and business groups throughout the country. The survey gathers information from thousands of small business owners on business conditions and characteristics, credit experiences, and owner demographics. It continues to be the largest national dataset of its kind.

Speakers will take your questions after the presentation.

• Hal Martin, Policy Economist and SBCS Director, Federal Reserve Bank of Cleveland
• Ann Marie Wiersch, Senior Policy Advisor, Federal Reserve Bank of Cleveland

• Allison Clark, SBCS Project Manager, Federal Reserve Bank of Cleveland