A little more than a century ago, banking panics were not an uncommon occurrence, causing significant instability in the nation’s financial system. The solution was a confederation of independent, regional banks that, together with a Board of Governors in Washington, D.C., would represent the economic interests of businesses and citizens across the country. As the nation’s fourth-largest city and one of its banking centers, St. Louis was a logical choice to locate one of these banks.
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Views expressed are not necessarily those of the Federal Reserve Bank of St. Louis or of the Federal Reserve System.