Federal Reserve Act 1913
By: Yokeiry Rosario
What was the Federal Reserve Act of 1913 ?
- its an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes.
- signed into law by President Woodrow Wilson
- For nearly eighty years, the U.S. was without a central bank after the charter for the Second Bank Of the United states was allowed to expire.
- adopted in the original Federal Reserve Act called for the creation of a System that contained both private and public entities.
- at least eight, and no more than 12, private regional Federal reserve banks each with its own branches.
History of the Federal Reserve System: Why Was The FED Created and How Was It Established?