December 1913
Congress passes the Federal Reserve Act, establishing the Fed.

October 1927
A recession begins. The Fed responds by reducing its discount interest rate and making major cash purchases on the open market.

October 1928
Benjamin Strong Jr., arguably the most powerful man at the Fed, dies.

October 1929
The market crashes on Black Tuesday. The Fed lowers interest rates, but deflation continues.

May 1932
Months before President Hoover and his Republican congressional majority are voted out of office, the Fed tries in vain to slow the worsening economic crisis by making open-market purchases totaling $1.1 billion.

June 1933
As part of the New Deal, the Glass-Steagall Act establishes the Federal Deposit Insurance Corporation, and the Fed begins to play a more active role in monitoring the markets.

Source: “Monetary Policy in the Great Depression: What the Fed Did and Why,” by David Wheelock.