ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Federal Reserve 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: -created and established the Federal Reserve System, the central banking system of the United States, and granted it the legal authority to issue Federal Reserve Notes (now commonly known as the U.S. Dollar) and Federal Reserve Bank Notes as legal tender.

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.