Federal Reserve Act of 1913
The Federal Reserve Act of 1913 established the Federal Reserve System (aka the Federal Reserve, or simply the Fed) to regulate the banking and monetary system in the United States.
President Wilson signed the act created the United States' central bank. The Fed's responsibilities can be split into four general categories.
- Influencing money and credit conditions in pursuit of full employment and stable prices.
- Ensuring the safety and soundness of the nation's banking and financial system.
- Maintaining the stability of the financial system and containing systemic risk in financial markets.
- Playing a major role in operating the nation's payments systems