Question

Select the correct answer.

What did the Federal Reserve Act create?
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It enforced conservation of land and created monuments.
It supported 10 national banks in the nation without a central banking system.
It created a centralized banking system for our nation.
It created a federal income tax.
It prohibited child labor.

Answer 1

The Federal Reserve Act created a centralized banking system for the United States and established the Federal Reserve System to regulate and supervise banks and manage the country's monetary policy.

Step-by-step explanation:

The Federal Reserve Act, which was passed in 1913, created a centralized banking system for our nation. It established the Federal Reserve System, which is responsible for regulating and supervising banks and managing the country's monetary policy. The Act also created the Federal Reserve Board, composed of members appointed by the President, to oversee the system.

Learn more about The creation and purpose of the Federal Reserve Act