Dec 23, 2009

The Federal Reserve System

(LoC) On December 23, 1913, President Woodrow Wilson signed the Owen-Glass Act, creating the Federal Reserve System.
The first major banking reform to follow the Civil War, the Federal Reserve was organized to regulate banking and provide the nation with a more stable and secure financial and monetary system. It remains the central banking authority of the United States, establishing banking policies, interest rates, and the availability of credit. It also acts as the government's fiscal agent and regulates the supply of currency. Continued

Photo: Theodor Horydczak/Library of Congress