![Front row, L-R: Charles Hamlin, William McAdoo, Frederic Delano. Back row, L-R: Paul Warburg, John Skelton Williams, W.P.G. Harding, A.C. Miller.](/https/www.federalreservehistory.org/-/media/images/feds_formative_years_1_720x450.jpg)
After the Federal Reserve Act was signed in 1913, the Federal Reserve came into its own in the two decades that followed.
![The Honorable Louis McFadden](/https/www.federalreservehistory.org/-/media/images/mcfadden_act_1_720x450.jpg)
McFadden Act
The Fed’s success led to this legislation in 1927, which rechartered the Federal Reserve Banks in perpetuity among other items
![World War I poster depicting Lady Liberty on the telephone reads "Hello! This is liberty speaking - billions of dollars are needed and needed now" ](/https/www.federalreservehistory.org/-/media/images/liberty_bonds_1-720x450.jpg)
Liberty Bonds
The Treasury and the Fed worked together to finance World War I
![Newly formed Federal Reserve Board with Federal Reserve Bank governors and bankers](/https/www.federalreservehistory.org/-/media/images/reserve_banks_open_1_720x450.jpg)
Reserve Banks Open
The twelve Federal Reserve Banks opened for business in November 1914
![Liberty Loan poster showing a panoramic view of the U.S. Treasury Building from the southeast reads "Lend your money to your government, Buy a United States government bond, second Liberty Loan of 1917, U.S. Treasury will pay you interest every six months." ](/https/www.federalreservehistory.org/-/media/images/feds_role_during_wwi_1_720x450.jpg)
Fed’s Role During WWI
World War I was the first test of the nation's new central bank
![New York's <em>The Sun</em> newspaper headline declared "New U.S. Banking System Announced" on <a href="https://chroniclingamerica.loc.gov/lccn/sn83030272/1914-04-03/ed-1/seq-6/">April 3, 1914</a>](/https/www.federalreservehistory.org/-/media/images/reserve_bank_organization_committee_1_720x450.jpg)
Reserve Bank Organization Committee
The RBOC announced the location and district boundaries of the Reserve Banks in April 1914
![<p>President Wilson signing the Federal Reserve Act </p>](/https/www.federalreservehistory.org/-/media/images/federal_reserve_act_signed_720x450.jpg)
Federal Reserve Act Signed
The Federal Reserve Act became law in December 1913, culminating three years of debate