November 16

The Federal Reserve System was created by the Federal Reserve Act of 1913 to bring stability and flexibility to the U.S. financial system. On November 16, 1914, the Federal Reserve Bank commenced operations with 12 regional banks across the country. Its mandate included managing the money supply, supervising member banks, and acting as a lender of last resort. Early initiatives involved setting discount rates and implementing mechanisms to prevent panics. The Federal Reserve’s establishment marked a turning point in American economic policy, providing tools to mitigate financial crises. Over the ensuing decades, the Fed’s decisions on interest rates and open market operations have shaped the nation’s economic trajectory. Today, it remains central to U.S. monetary policy and global financial stability.

In 1920, Queensland and Northern Territory Aerial Services Limited was established in Winton, Australia to provide pioneering air mail and passenger services. The company adopted the name Qantas Airways Limited in 1921 and carried its first paying passengers in 1922. Early fleet consisted of de Havilland DH.50 aircraft flying remote outback routes. Over the decades, Qantas expanded its network to major global hubs and introduced innovations like jet services and long-haul flights. Today, Qantas is recognized for its safety record, technological advancements, and as a symbol of Australian national identity and pride.

On November 16, 1973, U.S. President Richard Nixon enacted the Trans-Alaska Pipeline Authorization Act into law, overcoming environmental and legal challenges to its passage. The legislation greenlit the construction of an 800-mile crude oil pipeline spanning Alaska's Arctic tundra and mountainous regions. This decision came in response to the 1973 oil crisis and the need to secure domestic energy resources. The pipeline would eventually transport oil from the Prudhoe Bay oil fields to the port of Valdez, transforming Alaska's economy. Supporters hailed the act as a strategic national asset, while opponents raised concerns about potential ecological damage in a fragile environment. The law set the stage for one of the largest and most complex engineering projects of its time, reshaping U.S. energy infrastructure.