Federal Reserve Act of 1913

Definition

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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