Choosing the next Fed Chair

Federal Reserve Chairman Bernanke's term expires January 31, 2014. This Fall, President Obama will choose his replacement and it is likely that the title could be Fed Chair'woman,' the country's first. 

Top contenders for the position are Janet Yellen, the vice chairwoman of the Fed’s board of governors, and former Secretary of the Treasury Lawrence Summers, who many say is an Obama favorite. Both are very qualified and capable candidates, each with a demostrated history of prescient and competent decision-making abilities - having them both on watch seems ideal.

No matter who is chosen next to head our country's central banking system, the history of the formation of the Federal Reserve has a turbulent history, rife with political conflict and controversial philosophies toward monetary policy.

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