ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -It took many months and nearly straight party-line voting, but on December 23, 1913, the Senate passed and President Woodrow Wilson signed the Federal Reserve Act.

Detailed explanation-2: -The 1913 Federal Reserve Act is legislation in the United States that created the Federal Reserve System. 1 Congress passed the Federal Reserve Act to establish economic stability in the U.S. by introducing a central bank to oversee monetary policy.

Detailed explanation-3: -The House of Representatives passed the Federal Reserve Act by a vote of 298 to 60. The Senate also passed the measure 43 to 25. In both chambers of Congress, it was the anti-banker Democrats that overwhelmingly supported the Act, while for the most part the pro-banker Republicans opposed it.

Detailed explanation-4: -The Federal Reserve was created in 1913 to restore confidence in the banking system, regulate and supervise the banking system, and act as a lender of last resort to avert banking panics.

Detailed explanation-5: -The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.