To mark its centennial, the St. Louis Fed published "100 Years of Service." Read about the birth of the Federal Reserve and how the St. Louis Fed came to be known as the maverick in the Fed system. See how it serves not only financial institutions and the Treasury, but also educators, community development workers, researchers and the public.View Publication
Students learn about McCulloch v. Maryland, a case decided in 1819 over (1) whether the state of Maryland had the right to tax the Second Bank of the United States and (2) whether Congress had violated the Constitution in establishing the Bank. Students also review the expressed powers of Congress identified in the Constitution and analyze how Congress implements the necessary and proper (elastic) clause to enact its expressed powers. Finally, students use their knowledge of McCulloch v. Maryland and the necessary and proper clause to consider the constitutionality of the Federal Reserve System.