Answer: The U.S. Congress created the Federal Reserve System
Step-by-step explanation:
It was an attempt to create a disciplined banking policy and help avoid economic collapses. However, fears of a central bank being too powerful in setting financial policy brought about their ends.
Congress failed to renew the first national bank's charter. A series of U.S. bank collapses and pushed many in Congress to call once again for a centralized banking system.
There was a massive run on the bank, people demanding their money, and the banks started recalling all of their loans to pay off customers.