3 ms·The Fed didn’t have any ability to effect money supply until 1932 when the US went off the gold standard.by selectodude 4y agoThe Fed didn’t have any ability to effect money supply until 1932 when the US went off the gold standard.kolanos 4y agoPretty sure the Federal Reserve was setting reserve requirements from day one, which has a direct effect on the money supply.BirAdam 4y agoNo, but the Fed did have the ability to extend credit beyond the reserve of gold.