CSPAN2 Key Capitol Hill Hearings December 17, 2013
That occurred in august 1914. Each bank could conduct openmarket organizations and later open market organizations consolidated. The board employed a 45 permanent staff and eight temporary staff. By year end of 1950, the system had 499 employees and 58 of who were on the board. Operational responsibilities grew rapidly along the staffing, such that the system has 12,540 employees by year end in 1920. Federal reserve did not gain a sense of permanence. Not until 1927 when they eliminated the suns...
Source: archive.org