Question

Explain the primary reasons for the establishment of the Federal Reserve System. Who established the Fed, and when was it created?

Answer 1

The Federal Reserve System was established in order to regulate banks and control the nations money supply. The Federal Reserve System was established by the US Congress in 1913.

Answer 2

It was created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law