
The Birth of the Federal Reserve System 🏛️💵 #FedHistory #CentralBanking
In 1913, the Federal Reserve System was established, marking a pivotal moment in U.S. financial history. The impetus behind its creation was to address the frequent financial panics and bank runs that plagued the country. The Federal Reserve Act, signed into law by President Woodrow Wilson, aimed to create a more stable and flexible financial system. The Fed, as it is commonly known, became the United States' central banking authority. Its structure includes the Board of Governors in Washington, D.C., and 12 regional Reserve Banks.
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