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: -Article Title. Andrew Jackson shuts down Second Bank of the U.S.

Detailed explanation-3: -The Founding of the Fed-FEDERAL RESERVE BANK of NEW YORK. After Alexander Hamilton spearheaded a movement advocating the creation of a central bank, the First Bank of the United States was established in 1791.

Detailed explanation-4: -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.