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The nation's monetary system was strengthened and stabilized by the Federal Reserve Act of 1913. It manages the payment system, enforces consumer protection laws, regulates financial institutions, offers financial services to the government, and sets monetary policy.
What is the Federal Reserve Act of 1913 and when was it passed?
The 63rd United States Congress passed the Federal Reserve Act, which President Woodrow Wilson then signed into law on December 23, 1913. The Federal Reserve System, the nation's central banking system, was established by legislation.
A federal reserve board made up of presidential appointees served as the system's governing body. The federal reserve system mobilized banking reserves and issued federal reserve notes, a flexible new currency based on gold and commercial paper.
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