Question

Why did woodrow wilson push congress to pass the federal reserve act?

Answer 1

to protect the economy from having too much money in the hands of one person, bank, or region

Answer 2

Woodrow Wilson pushed the congress to pass the federal reserve act in order to prevent state chartered banks from been competitors in the inflation of currency. The federal reserve was created in 1913 to issue federal reserve notes, that is, US dollars. The major reason for its creation is to provide the US nation with a safer, more stable and more flexible monetary and financial system.