Editing Federal Reserve (section)

==== Historical Context and Impact ====
Since its establishment, the FAC has played a key role in shaping the Federal Reserve’s understanding of the banking sector’s needs. During the [[Great Depression]], FAC recommendations influenced policies to stabilize failing banks, including the creation of the [[Reconstruction Finance Corporation]]. In the post-[[World War II]] era, the Council advised on managing inflation and credit expansion as the U.S. economy grew. More recently, during the [[COVID-19 pandemic]], the FAC provided input on emergency lending facilities, such as the [[Main Street Lending Program]], to support businesses and mitigate economic fallout.<ref>Board of Governors of the Federal Reserve System, “Main Street Lending Program,” www.federalreserve.gov, accessed April 18, 2025.</ref>

The FAC’s influence is evident in its ability to highlight regional economic disparities. For instance, representatives from rural districts might emphasize agricultural lending challenges, while those from urban centers focus on commercial real estate trends. This regional perspective helps the Board of Governors tailor policies to address localized economic issues within the national framework.<ref>Eichengreen, Barry, ''Hall of Mirrors: The Great Depression, the Great Recession, and the Uses—and Misuses—of History'', Oxford University Press, 2015, p. 112.</ref>