Timeline - History of the Federal Reserve

President Obama nominated Janet Yellen, the vice chairwoman of the Fed’s board of governors, to lead the Federal Reserve Wednesday. If confirmed by the Senate, Yellen, 67, would be the country's first female leader in its 100-year history. She would succeed Ben Bernanke, who has been instrumental in guiding monetary policy through the worst of the financial crisis that began in 2007.

The Federal Reserve has a turbulent history, rife with powerful political players and eyed warily by some American citizens who are cautious about the government's role in how taxpayer money is handled.

Take a look back at how the Federal Reserve was formed and why it was necessary.
 

Timeline: History of the Federal Reserve
(Hover over component to move forward/backward)