dec 23, 1913 - Federal Reserve Act

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This landmark piece of legislation, was according to David Kennedy, "the most important piece of economic legislation between the Civil War and the New Deal." This bill established the Federal Reserve Board and empowered it to issue (paper money) Federal Reserve notes backed by things other than gold. The Federal Reserve System made the nation's money supply more elastic and flexible to meet the needs of business expansion. It also marks the beginning of federal governments' control of the nation's banks and money supply.

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