Congress passed legislation to create the federal reserve system in 1913 in order to?

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24-08-2022
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Congress passed legislation to create the federal reserve system in 1913 in order to?

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Vickynehra Vickynehra · Answer 1 · 2022-08-29T16:40:10-04:00

Congress passed the Federal Reserve Act to establish economic stability in the U.S. by introducing a central bank to oversee monetary policy.

The Federal Reserve System is the central bank of the United States. Founded by an act of Congress in 1913, the Federal Reserve's primary purpose was to enhance the stability of the American banking system.

The Federal Reserve Act of 1913, which created a federal reserve system to mobilize banking reserves and issue a flexible new currency—federal reserve notes—based on gold and commercial paper; uniting and supervising the entire system was a federal reserve board of presidential appointees.

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