Question

What was the purpose of the Federal Reserve Act?

to monitor business practices that could lead to monopolies
to establish a graduated income tax
to create a central authority to supervise banks
to protect consumers from false advertising

Answer 1

to create a central authority to supervise banks

Answer 2

• to create a central authority to supervise banks

Step-by-step explanation:

The Federal Reserve Act of 1913 set up the Federal Reserve System as the national bank of the United States to give the country a more secure, increasingly adaptable, and progressively stable fiscal and money related framework. The law sets out the reasons, structure, and elements of the System just as layouts parts of its activities and responsibility. Congress has the ability to change the Federal Reserve Act, which it has completed a few times throughout the years.