Why did the Fed originally decide to create 12 Reserve Banks distributed across the country? And why does that structure matter today?

First, you'll get the history: You'll learn how culture, geography, economics, and politics influenced the structure of the Federal Reserve. You'll also hear the story behind the decision to put a Reserve Bank in Cleveland.

Cleveland Fed economist emeritus Owen Humpage will answer questions such as

• What fears and traditional American values influenced the structure of the Federal Reserve System?
• How did the Reserve Bank Organization Committee pick cities and decide the boundaries of Federal Reserve Districts?
• Why was Cleveland chosen over cities like Pittsburgh and Cincinnati? And what controversies arose in the process?
• How did a lack of clarity in the Federal Reserve Act create friction between the Fed's national headquarters and the regional Reserve Banks? And what ultimately resolved the conflict?

Then, you'll learn what the Fed does today, nationally and on the ground throughout the District served by the Cleveland Fed. Senior media relations specialist Chuck Soder will answer questions such as

• How can you recognize a dollar issued by the Cleveland Fed?
• How does the Cleveland Fed work with financial institutions across its District?
• How does the Cleveland Fed keep its finger on the pulse of the regional economy?
• How does having Fed Banks in cities like Cleveland influence monetary policy?
• Attendees can ask questions during the Q&A portion of the event or submit them in advance through the registration form.

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