Landmark legislation that created the central banking system (the Federal Reserve) and thereby laid the foundation of the modern U.S. financial system. Enacted by President Woodrow Wilson with a view to reform banking and the currency system, its objectives included prevention of financial panics with the ready availability of cash from a money reserve, an expanding-contracting money supply to match the state of the economy, and a new currency - the federal reserve note. In its present state it includes nearly 200 amendments.

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