What was the primary purpose of the Federal Reserve Act of 1913?
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Correct answer: To establish a U.S. central banking system
The Federal Reserve Act created the Federal Reserve System as the central bank of the United States. Its main purpose was to provide a safer and more flexible financial system.
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More Federal Reserve Act of 1913 questions
- Which president signed the Federal Reserve Act into law?
- What problem was the Federal Reserve Act designed to address?
- How many regional Federal Reserve Banks were established under the Act?
- What is the main governing body of the Federal Reserve System?
- Which function did the Federal Reserve gain through the Act?
- What type of institution is the Federal Reserve System considered?