ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.

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: -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-4: -established in december 1913. it is the act that created the federal reserve system, the central banking system of the united states, which was signed into law by woodrow wilson. it regulated banking to help smaller banks stay in business.

Detailed explanation-5: -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.