ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Federal Reserve System was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law.

Detailed explanation-2: -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-3: -A particularly severe panic in 1907 resulted in bank runs that wreaked havoc on the fragile banking system and ultimately led Congress in 1913 to write the Federal Reserve Act. The Federal Reserve System was initially created to address these banking panics.

Detailed explanation-4: -Owen incorporated modifications by Woodrow Wilson and allowed for a regional Federal Reserve System, operating under a supervisory board in Washington, D.C. Congress approved the Act, and President Wilson signed it into law on December 23, 1913.

Detailed explanation-5: -In late November, 1913, on a private island off the coast of Georgia, a few of the most powerful men in the United States and the world gathered to craft up the plan for a new Central Bank in the United States.