dec 23, 1913 - Federal Reserve Act
Description:
This act established the Federal Reserve System. Congress created this bank with the purpose to ensure this nation is provided a "safer, more flexible, and more stable monetary and financial system". The main function of the FED is when banks are in need of money, they borrow it from them. Other important functions of the Federal Reserve are overseeing commercial banks, enforcing laws that deal with consumer bonding, and acting as government banks.
Added to timeline:
Addison McKinney
Banking
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